Waters expressed confusion regarding Meta’s actions, as the company filed five trademark applications related to cryptocurrencies and blockchain in March 2022. This suggests that Meta aims to expand its presence in the digital asset ecosystem, contradicting their previous statement to the Committee in October 2023, wherein they claimed not to be engaged with digital assets.
Furthermore, Waters questioned Meta about their research on stablecoins and any partnerships with other firms operating in this space. She sought clarification on whether Meta plans to utilize distributed ledger technology (DLT) and how it could be integrated into the metaverse.
In January 2022, Meta decided to cancel the launch of its stablecoin, Diem (previously known as Libra), due to regulatory and legislative pressure from international entities. The Diem Association subsequently sold its intellectual property tied to the operation of the Diem Payment Network to Silvergate Bank, which ultimately faced financial difficulties. Meta also discontinued its Novi cryptocurrency wallet at a later date.
Last year, Waters voiced criticism about PayPal’s launch of the stablecoin PYUSD, citing the absence of robust regulatory frameworks to oversee cryptocurrencies and safeguard the interests of investors.