Democratic senators Elizabeth Warren and Richard Blumenthal penned a letter to Meta CEO Mark Zuckerberg expressing alarm over the tech giant’s renewed efforts to create its own stablecoin. They fear this move could pose serious risks to user privacy, economic competition, and national monetary stability. 2023’s USDC depegging event serves as an example of the potential for destabilizing financial situations. The senators highlight Meta’s history of privacy violations, antitrust investigations, and failure to protect users from harm, citing these issues as evidence of its unsuitability to manage a private currency system. The timing of this renewed effort coincides with Congress considering the GENIUS Act, which may provide Big Tech companies an opportunity to issue digital dollars through lightly regulated entities. Senators question whether Meta is attempting to influence the legislation and secure a controlling stake in a stablecoin issuer. A June 17 deadline has been set for Meta to disclose details on its plans, including consulted crypto firms, platform deployment plans, and lobbying activity related to the GENIUS and STABLE Acts. The senators demand transparency from Meta to address previous concerns regarding their stablecoin ambitions and explore potential amendments to prevent Big Tech companies from controlling stablecoins altogether.