US lawmakers ask Mark Zuckerberg for clarification on Meta's anti-crypto fraud policy

Six US lawmakers have demanded answers from Meta CEO Mark Zuckerberg on how the company is using crypto-related “tricks” to do business.

US lawmakers ask Mark Zuckerberg for clarification on Meta's anti-crypto fraud policy

US lawmakers asked Mark Zuckerberg to clarify Meta's anti-crypto fraud policy. Specifically on September 8, US Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders and Cory A. Booker have jointly sent a letter to Mark Zuckerberg in an effort to clarify the direction in which Meta is using cryptocurrency to do business through the company's social media platforms including Facebook. , Instagram and Whatsapp. Accordingly, six lawmakers all expressed concern that Meta is providing various platforms for cryptocurrency fraud that significantly harms consumers. The content is clearly laid out as follows:

“Cryptocurrency scams are common on social media, and Meta is particularly popular. Among consumers who have reported being scammed, 32% identify as originating from Instagram, 26% on Facebook and 9% on Whatsapp.”


Therefore, through the letter, the US Senator asked CEO Mark Zuckerberg to transparently answer 7 questions related to Meta's current policies on the above issue with detailed response time. is before October 24, 2022.

However, in fact, this is not the first time that Meta has to "confront" with the politicians of the country. In 2019, CEO Mark Zuckerberg faced a lengthy legal battle with the US government, finally the company decided to "close" the Novi crypto wallet application as well as the stablecoin Diem in early 2022. Since then, the developers of both projects have joined hands to "revive the remnants" left by Meta through various new platforms, Sui and Aptos, two blockchains that are receiving a lot of attention. recent interest.

Despite this initial setback, Meta has still pushed its development focus on crypto, creating a lot of hype around the metaverse since rebranding the company.

Not only that, the company has also registered for trademark protection for crypto tokens, wallets and exchanges, and plans to launch its own tokens for corporate applications and crypto lending services. .

However, despite the considerable efforts Meta is building for the metaverse as well as crypto in general, the company has lost over $10 billion in profits to its metaverse Reality Labs division in 2021, driving public shares The company fell into a “crisis”, the volatility was no different from the crypto market. After that, Reality Labs itself also continued to lose nearly 3 billion USD in the first quarter of 2022 and 2.8 billion USD in the second quarter of 2022.


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Sep 11, 2022

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