Senators Raise Concerns as Meta Resurfaces Stablecoin Ambitions

Democratic senators sent a letter to Meta CEO Mark Zuckerberg expressing alarm over the company’s renewed interest in developing stablecoins, arguing it could pose risks to financial privacy and market competition. The lawmakers cite concerns regarding Meta’s potential control over a private currency and highlight the possibility of data exploitation for advertising or pricing manipulation. They warn that such ventures could give Meta an unfair advantage over competitors and impact U.S. monetary flows. This comes amid growing scrutiny on Meta’s data practices, antitrust policies, and content moderation.