Share this article
Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Congresswoman Maxine Waters Questions Meta’s Ongoing Crypto Efforts
A letter sent to the tech giant said it still has five active patents related to cryptocurrencies, despite the firm saying that it has no digital assets-related works ongoing.
Meta’s (formerly Facebook) continued efforts in the digital assets industries are being called out by Rep. Maxine Waters (D-Calif.).
The congresswoman said in a letter sent Monday to CEO Mark Zuckerberg and Chief Operating Officer Javier Olivan that she is concerned about Meta’s ongoing efforts to expand its footprint into the cryptocurrency industry as it currently has five active trademark applications with the U.S. Patent and Trademark Office (USPTO).
STORY CONTINUES BELOW
“I write to express my concerns regarding Meta Platforms, Inc.’s (f/k/a Facebook, Inc.) filing status of five trademark applications related to various digital assets services and blockchain technology with the U.S. Patent and Trademark Office (USPTO),” the letter said. “With its initial filings on March 18, 2022, Meta’s application submissions as of January 22 appear to represent a continued intention to expand the company’s involvement in the digital assets ecosystem.”
The letter points out five patents by Meta that include several applications related to the digital assets sector, including social media networking, dating services, trading and validating of cryptocurrencies, among others.
The letter pointed out that despite these five applications still being active, Meta told the Financial Services Committee on Oct. 12 that the company has no digital assets-related works ongoing at the company.
This isn’t the first time Waters has raised concerns about Big Tech companies jumping into the digital assets sector. Last year, she questioned PayPal about its own stablecoin, citing that “there is still no federal framework for regulation, oversight, and enforcement of these assets [stablecoins].”
Meta previously attempted to launch its own digital currency project in 2019, which was later named Diem. The project eventually was shut down and sold to now-defunct Silvergate Bank in 2022, after facing backlash from Washington and regulators worldwide due to Meta’s access to billions of users' personal data.
Former employees of the Diem project went on to build their own digital assets, including Aptos and Sui.
Read more: Diem's Demise: A Timeline of Libra's Long Road From a Facebook Lab to the Global Stage
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk's disclosure threshold of $1,000.
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
Top Stories
