Meta stablecoin Diem has become the focus of controversy regarding the "GENIUS Act", with Democrat Warren stating: Zuckerberg kicked the common.

The U.S. Senate will vote on the stablecoin bill "GENIUS Act" on 6/11 Eastern Time. On the eve of the vote, two Democrats jointly sent a letter to Meta CEO Mark Zuckerberg (, questioning Meta's plan to reintroduce its own stablecoin.

The "GENIUS Act" is about to be voted on, and Meta is once again embroiled in stablecoin controversy.

The controversy over Meta stablecoin arose on the eve of the voting for the "GENIUS Act" ). Two Democratic members, Elizabeth Warren and Richard Blumenthal, sent a letter to Meta raising concerns and demanding Zuckerberg clarify whether Meta has discussed stablecoin plans with any companies this year, and whether this would impact the legislative process of the "GENIUS Act". Warren emphasized:

"At this critical moment in legislation, Congress and the American people have the right to understand what Meta's thoughts are on stablecoins."

Libra/Diem has faced political suppression, and Democratic Party members are concerned that Meta will monopolize the market through stablecoins.

The letter also names Meta's previous digital currency project, which is Facebook's (Facebook) that launched Libra in 2019, later renamed to Diem stablecoin, but ultimately faced strong opposition from the U.S. Congress and regulatory agencies, leading to its forced discontinuation.

This has caused concern among Democrats about history repeating itself, further questioning whether Donald Trump ( will use the GENIUS Act to grant Meta an exemption, allowing Meta to circumvent regulatory oversight through backdoor means.

Warren and Blumenthal further warned in the letter that allowing Meta to bypass regulatory controls on its stablecoin would definitely lead to more issues such as user data leaks and market monopolization.

)Meta Blockchain Project Leader: Diem's failure is a political issue rather than a regulatory one, exposing the huge political and banking interests behind it(

Is there another stablecoin being promoted? Meta clarifies: There are currently no plans.

There are rumors that Meta is evaluating the integration of stablecoin payments into its own platforms, such as Facebook )Facebook(, Instagram, Threads, Messenger, and WhatsApp. In response, Meta's PR head Andy Stone clearly stated on Twitter )X( on May 8:

"As Zuckerberg said, Diem is dead. Meta has no plans to issue any stablecoins."

It is still unclear whether Meta plans to use mainstream stablecoins on the market like )USDT, USDC(, or if they will launch their own stablecoin again, which would attract more attention from regulators and Democrats regarding their future plans, especially against the backdrop of the Trump administration potentially offering exemptions.

This article discusses the controversy surrounding Meta's stablecoin Diem as the focus of the "GENIUS Act," with Democratic Senator Warren stating: Zuckerberg is a traitor. It first appeared in Chain News ABMedia.