Meta’s Digital Assets Ambitions: Maxine Waters Revisits Concerns Amid Trademark Filings and Libra’s Legacy
In a letter addressed to Mark Zuckerberg, Founder, Chairman, and CEO of Meta Platforms, Inc., and Javier Olivan, COO of Meta Platforms, Inc., Representative Maxine Waters expressed her concerns regarding Meta’s recent trademark applications related to various digital assets services and blockchain technology. The letter, dated January 22, 2024, outlines the details of five trademark applications filed by Meta and raises questions about the company’s intentions in the digital assets’ ecosystem.
Trademark Applications and Concerns:
The letter begins by highlighting Meta’s filing status with the U.S. Patent and Trademark Office (USPTO) for trademark applications related to digital assets services and blockchain technology. The applications, submitted on March 18, 2022, and with Notice of Allowance (NOA) issued from August 2023 to January 2024, cover a range of activities such as online social networking, dating services, digital currency trading, advertising via electronic media, and downloadable software for managing digital currency transactions.
Contradictions in Statements:
Despite the trademark applications indicating specific goods and services related to digital assets work, the letter points out a contradiction in Meta staff’s statements. On October 12, 2023, Meta staff communicated to the Democratic Financial Services Committee that the company is not currently involved in digital assets work, nor planning any work on blockchain-based products or stablecoins. This contradiction raises concerns about Meta’s transparency regarding its ongoing activities.
Libra: Historical Context
The letter refers to previous concerns raised by members of the Committee about Facebook’s (Meta’s predecessor) potential creation of a cryptocurrency. It recalls Facebook’s announcement in 2019 regarding the development of Libra and a digital wallet called Calibra, prompting Representative Waters to call for a moratorium on cryptocurrency development until regulatory concerns were addressed.
Questions for Meta:
Representative Waters lists specific questions for Meta, seeking clarification on the company’s current and future plans related to digital assets:
- Does Meta intend to pursue any projects related to web3, digital assets, or digital wallets?
- Does Meta intend to file a Statement of Use or an Extension Request on the above-described trademark applications? If so, please provide proof of such filing to the Committee.
- To what extent is Meta conducting R&D into pilot programs, future stablecoin projects, or partnerships with other stablecoin issuers?
- Is Meta actively exploring the potential adoption of distributed ledger technology (DLT) applications in its platform?
- Is Meta planning to launch a payments platform that supports cryptocurrency?
- How is Meta’s technology enabling the creation, mining, storage, transmission, or settlement of cryptocurrencies in its related platforms, including its Metaverse?
Representative Maxine Waters’ letter raises important questions about Meta’s activities in the digital assets space, citing inconsistencies between the company’s trademark filings and statements made to the Committee. The concerns echo previous apprehensions about Facebook’s cryptocurrency endeavors, prompting the need for transparency and accountability in Meta’s current and future initiatives.
