Digital asset strategy outlined in Meta’s trademark application raises concerns from Rep. Maxine Waters

Five trademark applications related to digital assets

On the 22nd, U.S. Democratic Rep. Maxine Waters sent a letter to key executives of Meta Platforms (formerly Facebook), including CEO Mark Zuckerberg.

In his letter, Waters expressed concerns about five digital asset-related trademarks filed by Meta over the past year.

These trademarks include online social networking and dating services, blockchain, virtual currencies, cryptocurrencies, the design of computer hardware and software related to digital assets, and cryptocurrency trading.

In particular, Rep. Waters pointed out that Meta has been seeking to expand its involvement in the digital asset ecosystem since its initial filing on March 18, 2022. He wants a detailed explanation of the company’s activities.

Mr. Waters is a ranking member of the House Financial Services Committee, which influences important discussions and decisions related to financial policy, regulation, and the banking system. He has been critical of the cryptocurrency industry and its involvement in digital asset projects by major technology companies.

Meanwhile, Meta told Democratic members of the House Financial Services Committee in October 2023 that it has no ongoing work on digital assets and does not have any work on blockchain-based products or stablecoins. was. It also claimed that it had no plans to integrate these into its payments or Metaverse products.

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Libra Diem and Meta’s efforts

Waters points out that Meta’s trademark filing shows the company has not stopped its past activities in digital assets.

Meta was previously known for leading the development of the stablecoin project Diem, and released a white paper in June 2019 under the name Libra (later renamed). The project was planned as a stablecoin backed by multiple fiat currencies and gained support from many companies, but the project was halted due to pressure from regulators.

Other lawmakers, including Waters, also wrote to Meta in 2019, asking it to suspend work on Libra and its proposed digital wallet, Calibra, due to privacy and national security concerns. Was.

In January 2022, Meta sold the intellectual property rights related to the Diem Payment Network of its subsidiary Diem Association to US Silvergate Capital, which operates virtual currency banks and other businesses.

connection:Meta (formerly Facebook) sells Diem’s ​​intellectual property (IP) to Silvergate Bank of the United States

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