Cryptocurrency

As Meta Said to Mull Tokens, Senator Warren Calls for Blocking Big Tech Stablecoins

L1QU2D

May 10, 2025 — 2 min read

1. Visual Prompt: — "Blockchain Technology in Action".

As Meta Considers Tokens, Senator Warren Pushes to Block Big Tech Stablecoins

Senator Elizabeth Warren advocates for restrictions on stablecoins, specifically targeting large corporations like Meta, formerly known as Facebook, and its CEO Mark Zuckerberg. She raises concerns about their involvement in issuing these digital currencies. The senator also questions Binance's discussions with government officials.

Six years back, Meta had plans to introduce its own stablecoin named Libra (later rebranded as Diem), but regulatory challenges halted the project. Warren accuses Mark Zuckerberg of attempting a comeback into this sector, emphasizing the need for clarification from him before Congress.

The GENIUS Act is under review again, with hopes of resurfacing in the Senate next week. A similar version is progressing in the House of Representatives.

As Meta Said to Mull Tokens, Senator Warren Calls for Blocking Big Tech Stablecoins

While the top Democrat on the Senate Banking Committee argues for stablecoin limits, she and colleagues also questioned Binance's talks with Treasury.

U.S. Senator Elizabeth Warren is demanding that the Senate's stablecoin bill bans big corporations from issuing stablecoins, singling out Meta and Mark Zuckerberg in her request.
Warren and several other Senate Democrats also questioned top administration officials on their interactions with Binance, especially as the exchange has amplified ties with President Donald Trump's World Liberty Financial.

Senator Warren leads the Senate Banking Committee's oversight on cryptocurrencies. Together with fellow Democrats, she presses Treasury Secretary Scott Bessent and Attorney General Pam Bondi regarding Binance's efforts to navigate U.S. legal requirements post a 2023 settlement.

In a joint letter to officials, Democratic senators express apprehension over Binance's compliance record following past violations such as money laundering and sanctions breaches. They highlight concerns about Binance collaborating with entities associated with President Trump's family using stablecoins.