US senators question Meta’s stablecoin plans amid GENIUS Act debate

Lawmakers asked Mark Zuckerberg whether Meta had had any influence on the GENIUS stablecoin bill and its plans to potentially issue its own digital currency.

Update (June 11 at 10:50 pm UTC): This article has been updated to include a previous statement from Meta.

With the US Senate expected to vote on legislation to regulate payment stablecoins soon, two senators called on Meta CEO Mark Zuckerberg to answer questions about the company’s potential plans to introduce another stablecoin.

In a Wednesday letter to Zuckerberg, Senators Elizabeth Warren and Richard Blumenthal said it was “more critical than ever that Congress and the public fully understand the extent of Meta’s plans” for stablecoins, given the size of the tech company and the expected vote on the GENIUS Act in the Senate.

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