As the legislative landscape around cryptocurrency evolves in the United States, recent actions by lawmakers reveal significant scrutiny on big tech companies like Meta. Specifically, two U.S. senators are raising questions about Meta’s potential plans for a stablecoin, following speculation of a private digital currency initiative.
Senators Raise Concerns Over Digital Currency Initiatives
On Wednesday, Senators Elizabeth Warren and Richard Blumenthal addressed a formal inquiry to Meta CEO Mark Zuckerberg, expressing their apprehensions regarding the company’s reported ambition to introduce a private currency.
The senators described recent media reports as “alarming,” noting that conversations around a stablecoin might be regaining traction at Meta. As highlighted by various sources, it appears Meta is evaluating partnerships with crypto firms to facilitate seamless payments through a new digital currency.
Reports indicate that Meta is pursuing collaborations with companies specializing in cryptocurrency infrastructure, aiming to reduce the costly fees often tied to conventional payment systems like wire transfers.
The bipartisan concerns underscore a broader issue: the potential risks posed by large technology entities creating or overseeing private currencies. The senators warned that this could significantly impact competition, undermine financial privacy, and place control of the U.S. money supply in the hands of monopolistic organizations with questionable practices.
Drawing attention to Meta’s previous struggles in the cryptocurrency space, the senators referenced the failure of the Libra project, which was abandoned in 2022 following substantial pushback from regulators. As a result, they requested detailed information from Zuckerberg regarding any ongoing discussions or strategies around the potential revival of a stablecoin project by June 17, 2025.
In their inquiry, the lawmakers demanded a comprehensive list of stablecoin companies that Meta has consulted since January 2025. They also sought clarification on whether Meta is considering any form of ownership or partnership with existing stablecoin entities, or if it plans to launch a stablecoin independently or collaboratively.
Big Tech’s Growing Interest in Digital Payments
It’s important to acknowledge that several major tech corporations, including Apple, Google, and Airbnb, are actively researching the feasibility of integrating stablecoins as a means to enhance transaction efficiency and minimize cross-border payment expenses. The trend appears to be influenced by a more favorable regulatory environment emerging in recent months.
The renewed focus on stablecoins by Meta coincides with ongoing legislative efforts in Congress. Notably, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act has recently advanced, moving forward after a significant 68-30 cloture vote.
This bipartisan bill, championed by Republican Senator Bill Hagerty, aims to create a regulatory landscape that nurtures innovation. However, it has prompted criticism from some Senate Democrats, including Warren, who have raised alarms about the administration’s approach to cryptocurrency regulation.
Furthermore, the letter emphasized that such legislation could permit for-profit opportunities for tech giants while allowing them to issue stablecoins, stressing the urgency for Congress and the public to grasp the full scope of Meta’s intentions.
In light of these developments, the senators also probed whether Meta or its affiliates engaged in lobbying activities concerning crypto legislation currently under consideration, including the GENIUS Act and the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.
Finally, they sought clarity on Zuckerberg’s stance on potential amendments aimed at banning major tech companies from developing, controlling, or aligning with stablecoin issuers.
