Senators question Meta about lobbying and Stablecoin integration

According to BlockBeats, Democratic Senators Elizabeth Warren and Richard Blumenthal sent a letter to Meta, inquiring about the lobbying efforts related to the GENIUS Act and the company's potential involvement in the issuance of stablecoin. The senators also requested detailed information about Meta's efforts to integrate stablecoin into its system.

The letter expressed concern that if Meta controls its own stablecoin, the company may scrutinize consumer transactions and commercial activities more closely. The senators warned that the vast amount of consumer data that Meta could collect might allow the company to implement invasive targeted advertising strategies or profit by selling sensitive private information to third-party data brokers.

Last month, Fortune magazine reported that Meta is considering using stablecoin for payments.