Senate Democrats Seek Clarity on Meta’s Stablecoin Plans Before Vote
Senate Democrats Elizabeth Warren and Richard Blumenthal have requested information from Meta regarding its stablecoin plans. Key points from their letter include:
- Meta's potential use of stablecoins for payments.
- Concerns about consumer data privacy and potential misuse in targeted advertising.
- Questions about Meta's intentions to launch a stablecoin and any lobbying efforts related to current legislation.
- Inquiry into how this new plan differs from the former Libra project.
The letter coincides with the Senate's upcoming vote on the GENIUS Act, which is expected to pass without amendments. Support is anticipated from both Democrats and Republicans, surpassing the 60-vote threshold needed for cloture.