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With the progress of encryption legislation through the US Congress, two Senate members sent a letter to the founder of META Mark Zuckerberg, inquiring about the company’s Stablecoin strategy after recent reports that the technology giant is planning to launch a special currency.
Democrats ask Meta’s Stablecoin’s plans
On Wednesday, Democrats Elizabeth Warren and Richard Bluomantal questioned the alleged Mita plan to create a special currency in a letter addressed to Mark Zuckerberg, the founder of the company and CEO.
Senate members expressed their concerns about the “disturbing reports” of the Meta plan to revive its own currency. As Bitcoinist, it claims that the parent company on Facebook in discussions with multiple encryption companies about the integration of Stablecoin into its payments platforms.
According to the report, Meta communicated with infrastructure for encryption companies, with a focus on “the ability to push individuals across different areas without high fees in other forms of payments, such as wire transfers.”
Legislators stressed that the major technology companies that export or control private currencies, such as Stablecoins, “will threaten competition through the economy, erosion of financial privacy, and fading control of the money of the United States to monopolistic platforms that have a history of insulting its power.”
Excerpt from Senators Warren and Blumenthal's letter to Zuckerberg. Source: Senate Banking Committee
They also highlighted the failed failed attempt by Meta to launch its balance project, which collapsed in 2022 under enormous pressure from American organizers and politicians. Therefore, the Senator Warren and a diploma requested information about Meta’s plans and its deliberations regarding the possible appeal of the Stablecoin project before June 17, 2025.
In the letter, Democrats asked Zuckerberg to submit a list of Stablecoin Meta companies that have been consulted since January 2025. In addition, they requested information about whether the company is considering possessing, controlling or affiliated with a joint project or partnership with the current Stablecoin company. Also inquire if Meta is considering launching Stablecoin individually or in cooperation with another company.
Large technology companies are waiting for the organization
It should be noted that many major technology companies, including Apple, Google, Airbnb and X, explore Stablecoins’s adoption to reduce the costs of transactions and simplify the cross -border payments since the beginning of the year, which appears to be fueled by the friendly approach to the Trump administration towards the digital asset industry.
The legislators highlighted that Meta’s renewed interest in the Stablecoin project comes at a time when the American conference is working on relevant bills. It is worth noting that the Us Stablecoin (Genius) national innovation law approved the latest group movement, as it was submitted to the next legislative stage after a 68-30 vote.
The Bill’s Bill, presented by Republican Senator Bill Hajri, aims to create a “safe and supportive regulatory framework that would unleash innovation.” However, a violent reaction from the Democrats in the Senate, including Warren, who raised concerns about the President’s encrypted projects.
Wednesday’s speech confirmed that the legislation includes provisions that would enable the Trump administration to profit and allow major technology companies to issue Stablecoin, which makes it “more important than ever that Congress and the public fully understand the extent of definition plans.”
Accordingly, legislators also asked Zuckerberg whether it was dead or any of its subsidiaries pressing Congress or federal agencies in the encryption legislation pending the conference 119, including the law of genius, the transparency of Steplcoin and the accountability of the best (stable) economy.
Finally, they questioned the CEO of the company whether they will oppose an amendment prohibiting the major technology companies possessing, controlling or affiliated with Stablecoin Exporters.
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