The US House Financial Services Committee, led by Maxine Waters, is pressuring Meta (Facebook) to disclose its cryptocurrency and blockchain plans.

Meta has shown interest in crypto and blockchain services, including trading, payments, transfers, and wallets, through various trademark applications.

An investigation into Meta's involvement with digital assets has been launched by Waters, seeking clarity on the company's plans for web3, digital wallets, stablecoin projects, and partnerships.

Waters believes the crypto industry should be regulated like banks and has expressed these concerns in a letter to Meta's CEO and COO.

Waters' letter also highlights Meta's contradictory actions related to crypto and blockchain, including clashes with regulators over stablecoin and wallet services.

The collapse of the Diem Association raises concerns about power concentration in a single company producing both the stablecoin and its related wallet.

The results of Meta's response to the investigation could significantly impact the regulation of digital currencies and blockchain technology.