July 18, 2026
Tech giant Meta (META) is reportedly considering a return to the stablecoin market, following a previous firestorm of U.S. regulations that slammed its initiatives years ago. Senator Elizabeth Warren told CoinDesk that upcoming legislation regulating stablecoins must stipulate that this is not possible.
A key crypto bill that would create guidelines for stablecoins like Tether’s USDT and Circle’s USDC initially appeared to be on track for passage in the Senate. However, recent protests from Democrats — including some who previously supported the proposals during committee meetings — have abruptly halted the bill’s progress. Warren stressed that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act should be amended to prevent large companies from issuing their own money.
“The Senate should amend the GENIUS Act to prohibit tech giants and other commercial giants from owning or being affiliated with stablecoin companies,” Warren told CoinDesk in a statement. “No senator should vote for legislation that makes it easier for Big Tech to access our financial transactions or to squeeze small businesses and political opponents out of the payments system.”
Six years ago Meta tried his own crypto stablecoin, Libra (later renamed Diem). The company seemed close to crossing the finish line, until an outburst of anger from certain regulators and politicians thwarted the project. Warren argued that Meta CEO Mark Zuckerberg, who contributed $1 million to the company's inaugural fund, Donald Trump donated, wants to get back into the business and asked him to explain to Congress whether this is another attempt to control the finances of American citizens.
Meta's spokespeople did not immediately respond to Warren's comments.
The GENIUS Act is back in negotiations, and some lawmakers are optimistic the bill could return to the Senate floor next week. There’s also a version in the House of Representatives that’s going through similar steps.
Warren, the senior Democrat on the Senate Banking Committee, has been vocal about the crypto sector. On Friday, she joined colleagues in questioning Treasury Secretary Scott Bessent and Attorney General Pam Bondi about their meetings with Binance, which is reportedly seeking to resolve U.S. legal claims following a 2023 settlement.
Five Democratic senators, including Richard Blumenthal, Chris Van Hollen, Mazie Hirono and Sheldon Whitehouse, have sent a letter to officials about the exchange’s talks with the U.S. government. Binance appears to be deepening its business ties with World Liberty Financial, a crypto firm tied to the Trump family.
“At a time when the government is easing its oversight of an industry where bad actors have violated money laundering and sanctions laws, it is not surprising that Binance, which has admitted to putting its growth and profits above compliance with U.S. law, is attempting to roll back the oversight required by its plea agreement,” the senators wrote in their letter. They noted the limitations Binance faces due to previously pleading guilty to a variety of charges, including money laundering and sanctions, for which it remains under independent monitors.
What is Meta considering doing with stablecoins?
Meta may consider re-entering the stablecoin market despite previous pushback from the US government.
What is the GENIUS Act?
The GENIUS Act is a proposal that would create guidelines for stablecoins in the US, but controversies surrounding major companies are making progress difficult.
Why are Senators so concerned about Binance?
Senators are concerned about Binance's compliance, especially given the company's past legal settlements and the government's growing lack of oversight of the crypto sector.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
