Tech
Meta (META) may be secretly developing cryptographic technology, says MP Maxine Waters
Meta’s (formerly Facebook) continued efforts in the digital assets space were highlighted by Rep. Maxine Waters (D-Calif.).
The congresswoman said a letter sent to CEO Mark Zuckerberg and Chief Operating Officer Javier Olivan on Monday saying she is concerned about Meta’s ongoing efforts to expand its presence in the cryptocurrency industry as it currently has five active trademark applications with the U.S. Patent and Trademark Office. United States (USPTO).
“I am writing to express my concerns regarding the filing status of five trademark applications by Meta Platforms, Inc. (f/k/a Facebook, Inc.) relating to various digital asset services and blockchain technology with the Office United States Patents and Trademarks (USPTO),” the letter reads. “With the initial filing 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 highlights five Meta patents that include several applications related to the digital asset industry, including social media networking, dating services, cryptocurrency exchange and validation, among others.
The letter noted that while these five applications were still active, Meta told the Financial Services Committee on October 12 that the company has no ongoing work related to digital assets.
This isn’t the first time Waters has expressed concern about big tech companies entering the digital assets sector. Last year, her PayPal asked on its own stablecoin, citing that “there is not yet a federal framework for the regulation, supervision and enforcement of these assets [stablecoins].”
Meta had already attempted to launch its own digital currency project in 2019, 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 due to Meta’s access to billions of users’ personal data.
Former Diem project employees have continued to build their own digital assets, including Aptos AND Come on.