Meta reassessed her position in the space of Stablecoin after his first cryptographic company, Balance, then renamed as Diem, was from the department in 2022 under intense regulatory pressure.
The momentum renewed around Stablecoins has rekindled concerns among American legislators, in particular the senator Elizabeth Warren, who pushes to prevent great technological players like Meta from emitting their own digital currencies.
Meta communications director Andy Stone publicly denied These statements, indicating frankly, “Diem is dead. There is no meta-stable. ” However, the initiates suggest that informal discussions continue behind closed doors.
While Diem failed the day after reactions to regulatory, legislative and financial research, Meta seems to be quietly finding new methods to access the Stable market. There was no official word of this evolution. However, speculation increases that the company will start to deploy stages to optimize creators' payments and facilitate international transactions.
Senator Warren demands a more difficult act of engineering to prevent great technology from controlling stabls
Senator Elizabeth Warren rings the alarm compared to the Act on Engineering – the orientation and the establishment of national innovation for the American Stables -Coins – requiring crucial changes to prevent large technologies from entering the Stablescoin market.
Warren maintains that the Senate must strengthen the Act on Engineering and specify that large technologies and other large commercial companies should not be authorized to own or control stablecoins.
Before the Bill on Engineering was defeated, she said: “If we can achieve a compromise solution on these questions today, I will vote for the bill. Otherwise, I will fight against this.”
Its concern is clear: if large technological companies have financial control over digital money systems, they can use it to disentangle user transactions, tinker with digital payments and perhaps eliminate competitors and dissidents.
Addressing Meta's involvement, Warren explicitly questioned the meta-PDG Mark Zuckerberg, asking if his business plans to quietly bring back what was in the past his intention to deploy his stablecoin.
Warren said Zuckerberg owes it to the congress to explain if it is another ploy to indirectly use the money of the American people to support the market.
For Warren, the prospect of Meta or any technological company supervising a digital currency threatens not only the affairs of finance – but the very idea of democracy. She fears that this can put these companies on steroids, with an influence on politics, trade and civil freedoms.
Legislators block the legislation of the stable while Meta tries the renewal
On Thursday, Democrats prevented the Senate from considering the Act on Engineering, which would create a regulatory framework for payment stalls.
The bill was elected 48-49, descending from the 60 votes necessary to bring it closer to the final adoption. The vote was divided almost entirely according to the parties after the bipartite support of the legislation broken down last week.
Although it was initially expected to obtain rapid approval of another essential measure, the bill was faced with the opposition of certain Democratic senators. They said they always had concerns about the money laundering, national security and a handful of other problems and could not support the current version of the bill.
Warren and his allies argue that the bill could allow companies to control financial transactions without stronger guarantees. The Genius Act obtains a hard look now, with a few calls to repair it.
Senator Ruben Gallego (Arizona), the best democrat of the Senate banks' subcommittee on digital assets, initially asked to delay the vote until Monday to give the senators more time. However, his request was rejected and the Democrats voted the bill.
At the heart of the debate, it is if companies like Meta should be authorized to reintegrate the space of Stablecoin, a prospect that many legislators, including Warren, consider a serious risk for financial stability and democratic surveillance.
The law on engineering is now back in negotiations, and some legislators kept hope that it could reappear on the Senate soil next week.
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