US senators question Meta's stablecoin plan during GENIUS bill debate

According to Cointelegraph, US Senators Elizabeth Warren and Richard Blumenthal have jointly sent a letter to Meta CEO Mark Zuckerberg, requesting clarification on the company's potential stablecoin plans. This inquiry letter comes as the Senate is about to vote on the GENIUS Act, which aims to regulate the payment stablecoin market. Two lawmakers specifically mentioned Meta's previously failed Libra and Diem stablecoin projects in the letter, expressing concerns that the Trump administration may provide regulatory exemptions for Meta under the GENIUS Act. The letter states: 'If Meta controls its own stablecoin, it will be able to further obtain user transaction data, which may be used for precise advertising or selling sensitive information to third-party data brokers.'. ”However, Andy Stone, the PR director of Meta, denied on X platform on May 8th that the company has plans to issue stablecoins.