A MAGA senator expressed deep opposition Thursday evening to a reported new venture eyed by Meta, the parent company of Facebook and Instagram.
CEO Mark Zuckerberg has proposed deploying stablecoins, a form of non-volatile cryptocurrency pegged to the U.S. dollar — this month, according to new reporting in Fortune.
Meta is actively discussing introducing stablecoins to manage payouts, reviving its push into the sector three years after shutting down its previous cryptocurrency project.
"Meta is testing the crypto waters again. According to five sources familiar with the matter, the company is in discussions with crypto firms to introduce stablecoins as a means to manage payouts, and has also hired a vice president of product with crypto experience to help shepherd the discussions. All five sources, whose identities are known by Fortune, spoke on the condition of anonymity to talk about private business dealings," the outlet reported.
Zuckerberg scrapped a years-long stablecoin project known as Libra in 2022, as it faced intense regulatory scrutiny.
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But Sen. Josh Hawley (R-MO), an avid supporter of President Donald Trump, poured cold water on Zuckerberg's plans, who is one of the president's top billionaire supporters.
"Meta wants its own currency? What, so they can control our finances like they already try to control our entertainment, our elections, our news, and our kids? No thanks," he wrote on X.
This isn't the first time Hawley has openly rebuked Zuckerberg and Meta.
Last month, Hawley delivered a biting preview of what Zuckerberg can look forward to as he prepared to face off against a Senate committee following bombshell whistleblower claims over the company’s associations with China.
“These allegations are explosive,” Hawley said at the time. “The public deserves to hear every single detail and they’re going to hear it on Wednesday.”