Silicon Valley big Meta, previously referred to as Fb, is again within the crypto highlight after a quiet submitting with the US Patent and Trademark Workplace (USPTO) hinted at renewed ambitions within the digital asset area. This comes as a shock, contemplating Meta’s earlier assurances to Congress of halting all cryptocurrency-related endeavors.
Crypto Trademark Shift Sparks Congressional Considerations
The corporate submitted five trademark applications encompassing a spread of blockchain and crypto-related providers, from social networking to buying and selling platforms. This sudden shift has raised eyebrows, significantly on Capitol Hill. Congresswoman Maxine Waters, Chair of the Home Monetary Companies Committee, has fired off a letter to Meta CEO Mark Zuckerberg and COO Javier Olivan demanding solutions.
These latest trademark filings elevate critical considerations about Meta’s dedication to transparency and its potential influence on the monetary panorama, acknowledged Waters in a press launch. The lawmaker mentioned they want clear solutions about Meta’s intentions and plans, particularly in mild of their earlier assurances to the committee.
Meta’s foray into digital currency has been rocky, to say the least. Their bold Libra undertaking, initially envisioned as a stablecoin pegged to main currencies, confronted fierce opposition from regulators and lawmakers, together with Waters. The undertaking finally fizzled out in 2021, with its belongings offered to Silvergate Financial institution.
Whole crypto market cap at $1.478 trillion on the every day chart: TradingView.com
Now, with these new trademark filings, questions are swirling about Meta’s true motives. Are they planning to resurrect a rebranded Libra or launch solely new crypto ventures? May their Metaverse ambitions, closely reliant on digital economies, be driving this renewed curiosity?
Waters Urges Rules Amid Huge Tech’s Monetary Affect
Waters’ letter underscores the broader considerations surrounding Huge Tech’s rising affect within the monetary sector. The shortage of complete rules for digital belongings creates a Wild West surroundings the place tech giants like Meta may probably wield immense energy. Shopper safety, privateness, and monetary stability are all at stake, in keeping with Waters and different critics.
The absence of clear guidelines of the highway within the digital asset area poses important dangers, she acknowledged. She added that it’s crucial they set up a sturdy regulatory framework to make sure accountable growth and forestall potential hurt to customers and the monetary system.
Meta has but to publicly reply to Waters’ inquiry or the media buzz surrounding their trademark filings. Their silence solely amplifies the considerations, leaving observers to invest concerning the firm’s subsequent transfer within the ever-evolving world of cryptocurrencies.
Whether or not Meta emerges as a accountable participant or stumbles into one other regulatory quagmire stays to be seen. One factor is definite: their latest actions have reignited the controversy about Huge Tech’s position in shaping the way forward for finance.
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