Meta’s (formerly Facebook) continued efforts in the digital assets industry have been praised by Rep. Maxine Waters (D-California).
The congressman said inside a letter sent Monday to CEO Mark Zuckerberg and Chief Operating Officer Javier Olivan expressing concerns about Meta’s continued efforts to expand its footprint in the cryptocurrency industry, as it currently has five active trademark applications with the U.S. Patent and Trademark Office (USPTO).
“I am writing to express my concerns regarding the filing status of Meta Platforms, Inc. (f/k/a Facebook, Inc.) of five trademark applications relating to various digital asset services and blockchain technology with the United States Patent and Trademark Office (USPTO),” the letter said. “With initial filings on March 18, 2022, Meta’s filings as of January 22 appear to represent a continued intent to expand the company’s involvement in the digital asset ecosystem.”
The letter points out five of Meta’s patents covering various applications related to the digital asset sector, including social media networking, dating services, trading and cryptocurrency validation, among others.
The letter pointed out that despite these five applications still being active, Meta told the Financial Services Committee on October 12 that the company has no ongoing work related to digital assets at the company.
This isn’t the first time Waters has raised concerns about Big Tech companies moving into the digital asset sector. Last year, she asked PayPal about its own stablecoin, citing the fact that “there is still no federal framework for regulation, supervision, and enforcement of these asset stablecoins.”
Meta previously attempted to launch its own digital currency project in 2019, which was later called Diem. The project was eventually shut down and sold to the now-defunct Silvergate Bank in 2022 after facing backlash from Washington and regulators around the world over Meta’s access to the personal data of billions of users.
Former employees of the Diem Project went on to build their own digital assets, including Aptos and Sui
