As crypto legislation evolves through the U.S. Congress, two senators have sent a letter to Meta founder Mark Zuckerberg asking about the company’s Stablecoin strategy after a recent report that the tech giant plans to launch a private currency.
Democrats question Meta’s stability plan
On Wednesday, Democratic Senators Elizabeth Warren and Richard Blumenthal questioned Meta’s plans to propose private currencies in a letter to company founder and CEO Mark Zuckerberg.
Senators expressed concerns about Meta’s “disturbing report” to restore its private currency plan. According to Bitcoin experts, Facebook’s parent company is reportedly discussing discussions with several crypto companies about incorporating Stablecoin into its payment platform.
According to the report, Meta has been exposed to crypto infrastructure companies, focusing on “the ability to pay individuals to different regions without the high fees associated with other forms of payment, such as wire transfers.”
Members confirmed that large tech companies that issue or control private currencies, such as Stablecoins, will “threate across the economy, erode financial privacy, and control the money supply to monopolistic platforms with a history of abuse of power.”
Excerpt from Senators Warren and Blumenthal's letter to Zuckerberg. Source: Senate Banking Committee
They also highlighted the failure of Meta’s previous attempt to launch its Libra program, which collapsed in 2022 under enormous pressure from U.S. regulators and politicians. Therefore, Senators Warren and Blumenthal asked for information on the planning and deliberations of the metadata to learn about the recovery of Stablecoin businesses by June 17, 2025.
In the letter, Democratic lawmakers asked Zuckerberg to provide a list of Stablecoin companies that Meta has consulted since January 2025. Additionally, they requested that the company be considering owning, controlling, affiliating or establishing a joint venture or partnership with an existing StableCoin company. They also asked if Meta is considering launching Stablecoin alone or working with another company.
Large tech companies waiting for regulations
It is worth noting that several large tech companies, including Apple, Google, Airbnb and X, are reportedly exploring adoption of StableCoins to reduce transaction costs, and reduce transaction costs since the beginning of the year and simplify cross-border payments, which appears to be driven by the Trump administration’s friendly approach to the digital asset industry.
Legislators stressed that Meta’s renewed interest in stabilization projects began as Congress works on relevant bills. It is worth noting that the Genius Act for the United States passed the latest Cloture motion and was promoted to the next legislative stage after 68 to 30 votes.
The bipartisan bill proposed by Republican Senator Bill Hagerty is intended to create a “safe, growth-driven regulatory framework that will unleash innovation.” But it faces strong opposition from Senate Democrats, including Warren, who expressed concerns about the president’s cryptocurrency business.
Wednesday’s letter confirmed that the legislation included provisions that would enable the Trump administration to profit and allow large tech companies to issue Stablecoin, which made “more important than ever, with Congress and the public fully understanding of the extent to which Meta’s plan.”
Based on this, lawmakers also asked Zuckerberg Meta or any of its branches whether lobbying Congress or federal agencies to conduct crypto legislation before the 119th Congress, including the Genius Act and Stable Transparency and Responsibility to improve a better LEDGER Economic (Stable) Act.
Finally, they question whether the company’s CEO would object to an amendment that would prohibit large tech companies from owning, controlling or merging with Stablecoin issuers.
Bitcoin (BTC) trades at $107,558 in the one-week chart. Source: BTCUSDT on TradingView
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