The digital asset strategy outlined in Meta’s trademark application raises concerns from Rep. Maxine Waters.

5 trademark applications related to digital assets
On the 22nd, U.S. Democratic Party lawmaker Maxine Waters sent a letter to key executives of Metaplatform (formerly Facebook), including CEO Mark Zuckerberg.
In her letter, Waters expressed concerns about five digital asset-related trademarks filed by Meta over the past year.
These trademarks include online social networking and dating services, blockchain, virtual currency, cryptocurrencies, computer hardware and software designs related to digital assets, and cryptocurrency trading.
In particular, Representative Waters pointed out that Meta has been seeking to expand its participation in the digital asset ecosystem since its initial submission on March 18, 2022. He wants a detailed explanation of the company’s activities.
Mr. Waters is a ranking member of the House Financial Services Committee, which influences important discussions and decisions related to financial policy, regulation, and the banking system. He has been critical of the cryptocurrency industry and major technology companies’ involvement in digital asset projects.
Meanwhile, Mehta told Democrats on the House Financial Services Committee in October 2023 that there was no work underway on digital assets, nor was there any work on blockchain-based products or stablecoins. It was. It also claimed it has no plans to integrate it into its payments or Metaverse products.
Related: U.S. Treasury asks Congress to expand investigative authority into virtual currency industry to strengthen counter-terrorism measures.
Libra Diem and Meta’s Efforts
Waters points out that Meta’s trademark filing shows that the company has not stopped its past activities in the digital asset space.
Meta was previously known for leading the development of stablecoin project Diem, which released a white paper under the name Libra (later renamed) in June 2019. The project was planned as a stablecoin based on several fiat currencies and received support from many companies, but the project was discontinued due to pressure from regulators.
Other lawmakers, including Waters, also sent a letter to Meta in 2019 asking it to halt work on Libra and its digital wallet Calibra due to privacy and national security concerns. It was.
In January 2022, Meta sold its subsidiary DM Association’s intellectual property rights related to the DM Payment Network to Silvergate Capital, an American company that operates businesses such as virtual currency banking.
Connection: Meta (formerly Facebook) sold DM’s intellectual property rights (IP) to Silvergate Bank in the United States.

What is a trademark?
A trademark is a symbol, logo, name, etc. that a company providing goods and services uses to distinguish them from the products and services of other companies. By legally registering a trademark, the right to use it is limited only to the registered business, and other businesses can be prevented from unfairly using the same or similar trademark.
Cryptocurrency Glossary

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