Wednesday, February 21, 2024
HomeExchangeCongress' prime determine stays pessimistic about Meta's re-entry into cryptocurrencies

Congress’ prime determine stays pessimistic about Meta’s re-entry into cryptocurrencies

- Advertisment -
- Advertisment -
  • Congresswoman Maxine Waters wrote a letter to Meta executives concerning their re-entry into the crypto house.
  • The letter highlighted the corporate’s 5 trademark functions associated to crypto providers and blockchain expertise.
  • Given the Meta’s earlier issues in house, Waters requested for extra readability on their intent.

In a current letter to tech conglomerate Meta’s Mark Zuckerberg and COO Javier Olivano, Congresswoman Maxine Waters questioned the corporate’s intentions concerning its potential re-entry into the crypto house.

The letter highlighted the large’s 5 trademark functions filed with america Patent and Trademark Workplace (USPTO) associated to blockchain expertise and crypto providers.

The congresswoman’s considerations are associated to the earlier abandonment of Meta’s plans to determine crypto providers in 2022. In mid-2019, within the face of regulatory resistance, the corporate deserted its plan to launch a fee platform primarily based on the cryptocurrency Diem (Libra). Later in 2022, Meta bought Diem to Silvergate Capital Corp. for 200 million {dollars}, thereby withdrawing from the crypto house.

- Advertisement -

Over the previous 12 months, Meta has filed 5 trademark functions that reveal the agency’s imaginative and prescient to develop its involvement within the cryptosphere. Nevertheless, confusion arises when that is contradicted by a press release from a Met spokesperson. Waters acknowledged,

Regardless of these trademark functions, which point out that sure items and providers are related to the digital property that Meta carries, on October 12, 2023, Meta workers, in a communication with Democratic Monetary Providers Committee (Committee) workers, claimed that there are not any ongoing digital property. work at Meta.

MartyParty, a outstanding voice within the blockchain house, shared insights on Water’s letter and its implications for the Meta proposal on X.

See also  Liquid Restaking Protocols: High 5 LRT Tokens to Watch in 2024

Waters stays pessimistic about Meta’s re-entry into the crypto financial system, particularly given its previous. Waters’ conflict with Meta’s involvement in cryptocurrencies started in 2019, when the agency launched its Libra proposal.

On the time, she stated: “With the announcement that it plans to create a cryptocurrency, Fb continues its unchecked enlargement… The cryptocurrency market at present lacks a transparent regulatory framework to supply sturdy protections for buyers, customers and the financial system.”

- Advertisement -

In a current letter, Waters demanded that Meta present readability concerning the submitting and their intent to enter the digital house. She additionally requested if the platform was contemplating launching a crypto fee platform, stressing the necessity for transparency.

Disclaimer: The knowledge supplied on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any type. Coin Version shall not be answerable for any losses incurred because of using stated content material, services or products. Readers are suggested to train warning earlier than taking any motion associated to the Firm.

- Advertisment -
- Advertisment -
RELATED ARTICLES
- Advertisment -
- Advertisment -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

- Advertisment -
- Advertisment -