US lawmakers are seeking more information about Meta’s (formerly Facebook) plans for blockchain and crypto-related technologies.
A United States congresswoman has raised questions about Meta’s (formerly Facebook) intentions regarding its five crypto-related trademark filings. She is seeking to understand what Meta intends to do with these filings and whether they indicate any specific plans for the company’s future in the crypto space.
The US House Financial Services Committee is demanding more information from Meta about its intentions for blockchain and crypto technologies. The committee specifically pointed to the five trademark applications filed by Meta in 2022 that have not yet been approved or denied.
In a Jan. 22 letter to Meta founder Mark Zuckerberg and operating chief Javier Olivan, the ranking member of the US House Financial Services Committee, Maxine Waters, expressed concern about the company’s possible plans to expand into the crypto and blockchain space. She cited five trademark applications filed by Meta in March of 2022 as evidence of the company’s intentions.
According to Rep. Waters, the trademark applications filed by Meta suggest that the company is working on digital assets, despite its statement to the Financial Services Committee that it is not on Oct.12, 2023.
Additionally, Meta has faced challenges in the past when it comes to its crypto projects. In mid-2019, the company abandoned its plans for the Diem stablecoin, after lawmakers expressed concerns about the project’s potential impact on the financial system.
Similarly, Meta sold the Diem project to the now-defunct Silvergate Bank for $200 million in January 2022.
In addition to the failed Diem project, Meta’s digital wallet, Novi, has also experienced difficulties. The company originally planned to release Novi in 2020, but the release date was pushed back and no new date has been announced.
The trademark applications filed by Meta suggest a broad range of services related to crypto and blockchain including trading, exchange, payments, transfers, and hardware and software infrastructure.
Interestingly, the trademark applications have received a Notice of Allowance from the USPTO. This means that Meta has met the requirements for registration and has six months to either begin using the trademark or request an extension.
The USPTO has given Meta until February 15th to respond to the first Notice of Allowance, which was sent on August 15th, 2023.
The second NOA was sent on January 16th, which gives Meta until July 16th to respond.
Representative Waters has several questions for Meta, including how it plans to respond to the NOAs, whether it intends to pursue any Web3, crypto, or digital wallet projects, and whether it’s planning to launch a crypto payments platform.
Furthermore, Waters wants to know about Meta’s research into stablecoins and partnerships with stablecoin projects, whether it will adopt DLT, and whether its metaverse technology allows for crypto-related functions.
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