Senator Elizabeth Warren is pushing for restrictions on big corporations like Meta from issuing stablecoins while also questioning Binance's discussions with the Treasury Department. Warren specifically called out Meta and its CEO Mark Zuckerberg in her request to include provisions in the Senate's stablecoin bill that would prevent large companies from launching stablecoins.

Six years ago, Meta had plans to introduce its own cryptocurrency stablecoin, initially named Libra and later rebranded as Diem. However, regulatory concerns led to the project's derailment. Warren raised suspicions about Zuckerberg's motives behind re-entering the arena of stablecoins, especially after his company's significant donation to former President Donald Trump's inaugural fund. She emphasized the need for Zuckerberg to clarify whether this move is aimed at gaining control over people's finances.

The GENIUS Act is currently under review, with hopes for a possible reintroduction on the Senate floor next week. A similar version is also progressing through the House of Representatives.

Warren has been actively involved in scrutinizing the crypto sector as a key figure on the Senate Banking Committee. Together with fellow Democratic senators like Richard Blumenthal, Chris Van Hollen, Mazie Horono, and Sheldon Whitehouse, she penned a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi regarding Binance's efforts to navigate U.S. legal obligations post a 2023 settlement. The letter highlighted concerns over Binance's compliance history and recent business affiliations with World Liberty Financial linked to former President Trump and his family.

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.

In response to these inquiries, a spokesperson for Binance was not immediately available for comment.

Recent developments have shown increasing interest from politicians regarding cryptocurrency dealings involving influential figures like former President Trump and prominent tech companies such as Meta.

Binance and the Treasury

Warren, the senior Democrat on the Senate Banking Committee has been busy with her crypto-sector scrutiny, also joining in with colleagues on Friday to question Treasury Secretary Scott Bessent and Attorney General Pam Bondi on their interactions with Binance as it reportedly sought to smooth out the U.S. legal demands the exchange still labors under after a 2023 settlement.

Five DemocratIc senators — also including Richard Blumenthal, Chris Van Hollen, Mazie Horono and Sheldon Whitehouse — sent a letter to the officials about the exchange's discussions with the U.S. government as Binance increases business ties with World Liberty Financial, the crypto company tied to President Donald Trump and his family.

"As the administration loosens oversight on an industry where bad actors have violated money laundering and sanctions law, it is not surprising that Binance, which has admitted to prioritizing its own growth and profits over compliance with U.S. law, would seek to roll back the oversight required by its settlement," they wrote in the letter, noting Binance's constraints based on its past guilty pleas to a list of charges including money laundering and sanctions violations, for which the company is still under the observation of independent monitors.

"Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies," the senators said.

Spokespeople for Binance didn't immediately respond to a request for comment.

Read More: Trump's Crypto Play Fuels Senators' Backlash and Bill to Ban President Memecoins

Nikhilesh De contributed reporting.

UPDATE (May 9, 2025, 21:16 UTC): Adds response from Meta.

Nikhilesh De contributed reporting.

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