U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Elizabeth Warren has sent a letter to Meta chief executive Mark Zuckerberg raising concerns about reports that the company plans to integrate a stablecoin into its platform for transactions. The letter warns that any Meta effort to control, influence or preference a stablecoin on its platforms, including one issued by a third party, could affect competition, privacy, the integrity of the payments system and financial stability, and says Congress needs to understand the plans as it considers legislation for the cryptocurrency market. Warren frames the issue against Meta's earlier Libra project, which was abandoned after opposition from lawmakers, regulators and international authorities. She argues that the GENIUS Act contains a loophole that could let large technology firms re-enter the stablecoin market with limited oversight, including through third-party structures. The letter also says Meta's earlier response to a June 2025 inquiry did not explain any commercial relationship with a third-party stablecoin, any control Meta might have over such an arrangement, or whether MetaPay could be changed to let users hold stablecoins on the platform rather than only store payment credentials. Citing new reports that Meta is running an active stablecoin trial and plans full integration in the second half of 2026, Warren asked the company to respond by May 20, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-05-07
U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Elizabeth Warren seeks answers from Meta on reported stablecoin integration plans
The U.S. Senate Banking Committee Ranking Member Elizabeth Warren has written to Meta chief executive Mark Zuckerberg expressing concern over reported plans to integrate a stablecoin into Meta’s platforms. She warns that any Meta role in controlling or preferring a stablecoin, including via third parties, could pose risks to competition, privacy, payments system integrity and financial stability, and highlights a perceived GENIUS Act loophole that could let large technology firms re-enter the stablecoin market with limited oversight.