Meta's (formerly Facebook) ongoing efforts in the digital asset industries have been called out by Rep. Maxine Waters (D-CA).
Congresswoman V. said message On Monday, she wrote to CEO Mark Zuckerberg and COO Javier Olivan that she is concerned about Meta's continued efforts to expand its presence in the cryptocurrency industry as it currently has five active trademark applications with the US Patent and Trademark Office (USPTO).
“I am writing to express my concerns regarding the status of Meta Platforms, Inc. (f/k/a Facebook, Inc.) filing five trademark applications related to various digital asset services and blockchain technology with the US Patent and Trademark Office (USPTO).” It was stated in the message. “From initial filings on March 18, 2022, Meta’s filings as of January 22 appear to represent a continued intent to expand the Company’s involvement in the digital asset ecosystem.”
The letter refers to five Meta patents that include numerous applications related to the digital assets sector, including social networking, dating services, trading, and cryptocurrency validation, among others.
The letter noted that while these five applications remain active, Meta told the Financial Services Commission on October 12 that the company has no ongoing digital asset-related business at the company.
This is not the first time Waters has raised concerns about Big Tech companies entering the digital assets sector. Last year, she PayPal asked About its stablecoin, noting that “there is still no federal framework to regulate, supervise and enforce these stable assets.”
Meta previously attempted to launch its own cryptocurrency project in 2019, which was later named Diem. The project was eventually shut down and sold to the now-defunct Silvergate Bank in 2022, after facing backlash from Washington and regulators around the world over Meta's access to billions of users' personal data.
Former employees of the Diem project have continued to build their own digital assets, including… Apartments And but.
