U.S. lawmakers question Meta's ongoing crypto work

ChainCatcher news, according to CoinDesk, Congresswoman Maxine Waters expressed her concerns about Meta's ongoing efforts to expand into the cryptocurrency industry in a letter to CEO Mark Zuckerberg and COO Javier Olivan on Monday, as the company currently has five active trademark applications with the United States Patent and Trademark Office (USPTO).

The letter pointed out five patents from Meta, including several applications related to the digital asset space, such as social media networks, dating services, and the trading and verification of cryptocurrencies, among others. Although these five applications are still pending, Meta informed the Financial Services Committee on October 12 that the company is not currently engaged in any work related to digital assets.

Meta attempted to launch its own digital currency project in 2019, which was later named Diem. However, the project was ultimately shut down and sold in 2022 to the now-defunct Silvergate Bank.