In a recent letter addressed to Meta CEO Mark Zuckerberg, Senators Elizabeth Warren and Richard Blumenthal expressed concerns regarding Meta's potential stablecoin initiatives as the US Senate prepares to vote on the GENIUS Act. They emphasized the importance of understanding Meta’s influence on the stablecoin bill, especially following the controversies surrounding Facebook's previous projects, Libra and Diem. The senators warned that if Meta were to control its own stablecoin, it could further encroach on consumer privacy by tracking transactions and commercial activities. They implied that such control could facilitate more intrusive advertising and the monetization of sensitive consumer data. The letter raised questions about Meta's future role in stablecoin solutions, particularly whether it might utilize existing coins like Tether or USDC, or develop its own digital currency. The situation remains fluid as the Senate approaches a decision on regulating payment stablecoins.

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