Meta’s Continued Involvement in Digital Assets Sparks Concerns

Rep. Maxine Waters raises concerns about possible return of Meta to digital asset initiatives, citing five trademark application.

Democratic Representative Maxine Waters expresses concerns about Meta’s ongoing involvement in cryptocurrency ventures.

Last updated: January 23, 2024 01:01 EST | 2 min read

Rep. Maxine Waters has expressed significant concerns over Meta’s continued involvement in the digital asset sector.

In a detailed letter addressed to Meta CEO Mark Zuckerberg and COO Javier Olivan, the California Democrat, known for her critical stance on Meta’s previous cryptocurrency endeavors, particularly the Libra stablecoin project, has highlighted Meta’s filing of five trademark applications related to digital assets and blockchain technology.

“I write to express my concerns regarding Meta Platforms, Inc.’s (f/k/a Facebook, Inc.) filing status of five trademark applications related to various digital assets services and blockchain technology,” wrote Waters.

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These applications, filed with the U.S. Patent and Trademark Office (USPTO), suggest Meta’s potential expansion in the digital assets ecosystem.

“With its initial filings on March 18, 2022, Meta’s application submissions as of January 22 appear to represent a continued intention to expand the company’s involvement in the digital assets ecosystem,” wrote Waters.

Meta’s Five Application Filings

The applications include services related to online social networking and dating, which integrate financial trades and crypto exchanges. Additionally, they encompass the design and development of computer hardware and software services related to blockchain and various digital currencies.

The applications involve digital asset services, particularly in the domain of crypto trading, exchange services, and blockchain-based payment verification.

The filings also cover advertising services via electronic and virtual media, blockchain as a service for business advice in blockchain technology, and downloadable software for managing digital currency transactions.

“Despite these trademark applications, which indicate there are specific goods and services connected with digital asset work that Meta is doing,” wrote Waters. “Meta staff asserted on Oct. 12, 2023, in communications with Democratic Financial Services Committee (Committee) staff that there is no ongoing digital assets work at Meta.”

Waters Requests Details on Trademark Applications

Each of these applications, as per USPTO regulations, requires a Statement of Use or an Extension Request within six months of their Notice of Allowance issuance date, which Waters points out in the letter. The Representative made an inquiry about Meta’s relevant filing, including “restricting, limiting, or deleting goods and services” description to the applications.

As the ranking member of the House Financial Services Committee, Waters stated the Committee’s perspective, saying, “The trademark applications described above seem to indicate that Meta has not ceased its activity in digital assets since the shutdown of Diem.”

In addition, Waters requested answers to a series of questions “given the Committee’s ongoing concerns.” Primarily, Waters wondered if Meta intends to “pursue any projects related to web3, digital assets, or digital wallets,” and to file Statement of Use or an Extension Request for the applications.

Source: DALL·E

Q&A: What Other Questions Do Readers Have About Meta’s Involvement in Digital Assets?

Q: Is Meta planning to release a new digital asset or cryptocurrency? A: While the trademark applications suggest Meta’s potential expansion in the digital assets ecosystem, there is no confirmation of a new digital asset or cryptocurrency at this time. However, the applications do indicate the company’s interest and involvement in various aspects of digital assets and blockchain technology.

Q: What is the significance of Meta’s previous Libra stablecoin project? A: Meta’s previous Libra stablecoin project, now known as Diem, faced significant scrutiny and regulatory challenges. Rep. Maxine Waters has been critical of Meta’s involvement in cryptocurrency endeavors in the past, which makes her recent concerns about Meta’s trademark applications relevant to the company’s track record in the digital assets sector.

Q: How will Meta’s potential expansion in digital assets affect users? A: If Meta were to expand its involvement in the digital assets ecosystem, users might expect the integration of financial trades and crypto exchanges into online social networking and dating platforms. This could potentially provide users with new opportunities for financial transactions and interactions within the Meta ecosystem.

Q: What steps is Meta taking to ensure regulatory compliance in the digital assets field? A: While Rep. Waters raised concerns about Meta’s trademark applications, it is essential to note that filing trademark applications does not guarantee the launch of specific goods and services. However, Meta would need to adhere to regulatory requirements and address any regulatory concerns related to its digital assets endeavors, as demonstrated by the challenges faced by its previous Libra project.

Q: Are there any updates on Meta’s plans for web3, digital assets, or digital wallets? A: Rep. Waters specifically inquired about Meta’s intentions regarding web3, digital assets, and digital wallets in her letter. However, as of now, there is no information available regarding Meta’s future plans in these areas. It remains to be seen whether Meta will provide further details or pursue projects related to these topics.

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References: 1. Navigating Uncharted Waters: Challenges in Managing a Bitcoin Fund 2. Meta’s AI Overhaul: Zuckerberg’s Plan to Integrate and Expand Generative AI Research 3. South Korea’s Tax Authority and Daxa Form Committee to Prevent Illegal Transactions, Report Says

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