Warren Warns Meta May Re-Enter Stablecoin Space with New Bill

Senator Elizabeth Warren has raised concerns about Meta’s potential re-entry into the stablecoin market, alleging that a loophole in the GENIUS Act could allow them to bypass oversight. She and Senator Richard Blumenthal sent a letter to Mark Zuckerberg demanding clarification on Meta’s plans for its own stablecoin within Facebook, Instagram, and WhatsApp apps. The lawmakers argue that Meta’s potential control of a private currency would threaten competition, privacy, and financial stability, potentially allowing for increased surveillance and targeted advertising based on user data.