US Senators Demand Clarity from Meta s CEO on Cryptocurrency Plans

US Senator Elizabeth Warren has sent a letter to Meta s CEO Mark Zuckerberg, requesting a detailed explanation of the company s plans regarding stablecoins. Warren expressed extreme concern over the lack of transparency surrounding Meta s recent initiatives in the stablecoin sector.
Warren emphasized the need for careful scrutiny of Meta s new steps in payment systems and financial services, particularly referencing the controversial global project Libra later renamed Diem . The Democratic senator has long been wary of the involvement of large tech companies in crypto finance.
The letter included a request for Meta to provide detailed information about its pilot program for developing stablecoins by May 20. The information requested by Warren included the planned launch date of the project, the third-party stablecoins to be used, and measures for ensuring privacy and risk control.
According to sources close to the matter, Meta conducted testing of USDC-based stablecoin payments in April with selected content creators in the Philippines and Colombia. These stablecoin payments are reported to offer content creators faster and cheaper cross-border transfers.