Meta’s (previously Fb) continued efforts within the digital property industries are being referred to as out by Rep. Maxine Waters (D-Calif.).
The congresswoman mentioned in a letter despatched Monday to CEO Mark Zuckerberg and Chief Working Officer Javier Olivan that she is anxious about Meta’s ongoing efforts to increase its footprint into the cryptocurrency business because it at the moment has 5 energetic trademark functions with the U.S. Patent and Trademark Workplace (USPTO).
“I write to precise my issues relating to Meta Platforms, Inc.’s (f/ok/a Fb, Inc.) submitting standing of 5 trademark functions associated to numerous digital property companies and blockchain expertise with the U.S. Patent and Trademark Workplace (USPTO),” the letter mentioned. “With its preliminary filings on March 18, 2022, Meta’s software submissions as of January 22 seem to signify a continued intention to increase the corporate’s involvement within the digital property ecosystem.”
The letter factors out 5 patents by Meta that embody a number of functions associated to the digital property sector, together with social media networking, courting companies, buying and selling and validating of cryptocurrencies, amongst others.
The letter identified that regardless of these 5 functions nonetheless being energetic, Meta instructed the Monetary Companies Committee on Oct. 12 that the corporate has no digital assets-related works ongoing on the firm.
This isn’t the primary time Waters has raised issues about Huge Tech corporations leaping into the digital property sector. Final 12 months, she questioned PayPal about its personal stablecoin, citing that “there may be nonetheless no federal framework for regulation, oversight, and enforcement of those property stablecoins.”
Meta beforehand tried to launch its personal digital forex venture in 2019, which was later named Diem. The venture finally was shut down and bought to now-defunct Silvergate Financial institution in 2022, after dealing with backlash from Washington and regulators worldwide because of Meta’s entry to billions of customers’ private knowledge.
Former staff of the Diem venture went on to construct their very own digital property, together with Aptos and Sui