Congresswoman Waters Probes Meta's Crypto Ventures: An Analysis

• Meta Faces Scrutiny Over Digital Assets Endeavors
• Investigating Meta's Trademark Applications
• Diverse Patent Applications Point to Meta's Ambitions
• Waters' Warnings To Other Tech Companies
• Meta's Failed Cryptocurrency Project
• Aftermath of the Diem Project

Meta Faces Scrutiny Over Digital Assets Endeavors

Meta, previously known as Facebook, is catching the attention of Rep. Maxine Waters (D-Calif.) due to its increased presence in the digital assets industry. In a recent letter addressed to CEO Mark Zuckerberg and COO Javier Olivan, the congresswoman expressed her concerns about the company's persistent efforts to stake its claim in the cryptocurrency market.

Investigating Meta's Trademark Applications

The letter indicated that Meta currently possesses five active trademark applications with the U.S. Patent and Trademark Office (USPTO). According to Waters, these registrations seem to affirm the company's aspiration to further their involvement in the digital assets ecosystem, a move that has been ongoing since its initial filings on March 18, 2022.

Diverse Patent Applications Point to Meta's Ambitions

Waters' letter noted five Meta patents, encompassing a range of applications tied to the digital assets industry. From social media networking to dating services, and even the trading and validation of cryptocurrencies, the company's patents reflect its diverse interests. Despite these applications remaining active, Meta declared to the Financial Services Committee on October 12 that it is not currently conducting any digital assets-related work.

Waters' Warnings To Other Tech Companies

This isn't the first instance of Waters voicing concerns over tech companies delving into the digital assets sector. In the past, the congresswoman questioned PayPal about its own stablecoin. She emphasized the lack of a federal regulatory framework for overseeing and enforcing stablecoin assets.

Meta's Failed Cryptocurrency Project

In 2019, Meta initiated a digital currency project, later dubbed Diem. However, due to significant backlash from Washington and regulators worldwide, the project was halted and subsequently sold to the now-defunct Silvergate Bank in 2022. The opposition was largely due to concerns regarding Meta's access to the personal data of billions of users.

Aftermath of the Diem Project

Following the termination of the Diem project, former employees proceeded to develop their own digital assets, including Aptos and Sui.

Edited by Jonathan Stoker