Senators Elizabeth Warren and Richard Blumenthal have issued a letter to Meta CEO Mark Zuckerberg, seeking details on the company's renewed efforts in stablecoin payments. The senators express concerns about potential threats to competition and financial privacy if Big Tech firms like Meta dominate private currency issuance. With 3.5 billion daily users, Meta's control over a stablecoin could consolidate significant economic power, leading to surveillance pricing and intrusive advertising practices. This inquiry comes in the wake of reports indicating Meta's discussions with crypto firms to incorporate stablecoin payments across its platforms. The senators cited Meta's troubled past with its Libra project and demanded answers by June 17 on various points, including Meta's partnerships in this endeavor and its stance on crypto legislation. This investigation unfolds as the Senate is considering the GENIUS Act, which could enable companies like Meta to issue stablecoins, raising additional concerns about regulatory integrity and market competition.

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