Elizabeth Warren Slams Mark Zuckerberg Over Reported Stablecoin Ambitions, Citing ‘National Security Threat’ — Meta Says No Such Plans
Sen. Elizabeth Warren (D-Mass.) and Sen. Richard Blumenthal (D-Conn.) raised concerns over Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg‘s potential stablecoin revival plans.
What Happened: The Senators voiced their apprehensions to Zuckerberg in a letter on Wednesday, saying that reports of Meta’s pursuit of a stablecoin project raise “serious concerns.”
The senators are worried that if large tech companies control their own private currencies, it could threaten competition, erode financial privacy, and give control of the U.S. money supply to monopolistic platforms.
Warren and Blumenthal argued that if Meta controlled its own stablecoin, it could exploit vast amounts of consumer data for “intrusive” targeted advertising, manipulate pricing, or sell “sensitive private information” to third parties. They also warned that allowing Meta to run a private currency could pose serious money laundering, consumer protection and national security threats.
The senators have asked Zuckerberg to provide detailed information about Meta’s stablecoin ambitions, including details …
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