Recently, Meta, the company run by Mark Zuckerberg, found itself under fire from the US House Financial Services Committee. Congresswoman Maxine Waters specifically asked it to clarify its intentions regarding five crypto-currency and blockchain-related trademark filings made in 2022. This increased interest from lawmakers comes at a time when Meta appears to be renewing its commitment to the digital asset ecosystem.
Meta’s Trademarks and the questioning of Congress
In this section, we explore in detail Meta’s five trademark applications, which cover a range of crypto-currency and blockchain-related services. These trademarks cover areas such as crypto-currency trading and exchanges, payments and transfers, as well as the necessary hardware and software infrastructure. The fact that Meta has made these filings despite its previous statements that the company had no ongoing activities in this area has attracted the attention and questioning of the Financial Services Committee. The committee, led by Maxine Waters MP, is seeking clarification on Meta’s real intentions and how these projects fit into their overall strategy.
Previous Meta projects and their failures
Here, we analyse Meta’s previous attempts in the crypto-currency sector, in particular Project Diem (formerly Libra) and the Novi wallet (formerly Calibra). These initiatives, which were launched with great ambition in 2019, were ultimately abandoned in the face of strong regulatory opposition and concerns about privacy and security. In revisiting these failures, we assess what lessons Meta might have learned from these past experiences. We also consider how these lessons might influence their new projects in the crypto-currency space, taking into account regulatory challenges and consumer expectations.
Future implications and Meta’s response
In this section, we discuss the implications of the Notices of Allowance (NOAs) received by Meta for its trademarks. These NOAs indicate that the company’s applications have met the criteria for registration, but it must now clarify its intention to use these trademarks or apply for an extension. This decision is crucial as it will determine the future direction of digital assets. We also explore the potential impact of these projects on the Web3 ecosystem, particularly with regard to digital wallets and crypto-currency payment platforms. Finally, we discuss the integration of distributed ledger technology (DLT) into the Meta metaverse, and how this could reshape how users interact with digital worlds.
