By Michael Scott
The Mark Zuckerberg Meta is subject to inquiry from US lawmakers over its plans following the five trademark filings that relate to crypto. The US Congress pressed Meta for a detailed disclosure following its trademark filings with the United States Patent and Trademark (USPTO).
The US House Financial Services Committee (HFSC), in a letter penned to the American multinational technology, opened up about the crypto-related and blockchain plans it harbors following the discovery that five trademark applications have remained active since 2022 and possibly involving crypto and blockchain.
Congresswoman Presses Meta for Interest in Crypto and Stablecoins
The Monday, January 22 letter disseminated by HFSC ranking member Maxine Waters addresses Meta Platforms Inc. and chief executive Zuckerberg alongside the chief operating executive Javier Olivan.
The letter presses Meta for details as the trademark applications filed by the company on March 18 2022 appear to harbor continued intention to expand scope into the digital assets ecosystem.
Waters indicates that the applications that have remained active since March 2022 illustrate that the California-based technology conglomerate is pursuing digital assets. Such contradicts Meta’s confession before the Democratic Financial Services Committee on October 12 last year, ruling out ongoing crypto assets-related work.
The inquiry into Meta’s involvement in blockchain and crypto plans arises from the awareness that Meta abandoned its plans to roll out payments stablecoin Diem. The stablecoin, formerly identified as Libra, was terminated in mid-2019 following pressure from the lawmakers.
Meta Portrays Mixed Plan for Crypto Projects
Meta sold the crypto stablecoin project to the now-collapsed Silvergate Bank for $200 million in 2022. Also, its mid-2019 plan to unveil a digital wallet, Novi – previously Calibra the next year – fizzled out without indications of a release date.
Waters’ letter indicates that the active trademark filings signify that Meta harbors plans to unveil various crypto and blockchain-related functions. The endless list includes trading, payments, exchange, hardware, wallets, and software infrastructure.
Notably, USPTO sent a notice of allowance (NOA) to each of the five filings, informing Meta that the applications satisfy the registration requirements. Meta should, within six months, file statements declaring intentions to utilize the trademark.
Alternatively, Meta can request a six-month extension to file the statement regarding the trademark utilization.
The USPTO informed Meta of the February 15 deadline to respond to the initial NOA sent in mid-August last year. It implies that Meta has until July 16 to offer a response to the second NOA sent on Tuesday, January 16.
Waters inquired how Meta intends to respond to the pending NOAs and if it harbors intentions to pursue Web3, crypto, and digital wallet projects. The HFSC ranking member sought Meta clarification on whether it plans to unveil a crypto platform payment platform.
The Congresswoman queried the extent of Meta’s ongoing research into stablecoins or whether the tech company was pursuing a partnership with such projects.
Lastly, Waters inquired whether Meta seeks to adopt distributed ledger technology (DLT) and how such technology could allow crypto-based functions into the metaverse.