Senators Question Meta on Stablecoin Lobbying and Integration

According to BlockBeats, Democratic Senators Elizabeth Warren and Richard Blumenthal have sent a letter to Meta, inquiring about its lobbying efforts related to the GENIUS Act and its potential involvement in stablecoin issuance. The senators also requested details on Meta's efforts to integrate stablecoins into its systems. The letter expressed concerns that if Meta were to control its own stablecoin, the company might further scrutinize consumer transactions and commercial activities. The senators warned that the vast amount of consumer data Meta could acquire might enable the company to implement surveillance pricing strategies, more intrusive targeted advertising, or profit by selling sensitive private information to third-party data brokers. Last month, Fortune magazine reported that Meta is considering the use of stablecoins for payments.