Senior U.S. lawmaker says Facebook should halt cryptocurrency project pending review

U.S. House Financial Services Committee Chairwoman Maxine Waters said Tuesday th...

Rep. Maxine Waters looks on as bank ceos testify before a House Financial Services Committee hearing on"Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis" on Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein

WASHINGTON - U.S. House Financial Services Committee Chairwoman Maxine Waters said Tuesday that Facebook Inc should halt development of its announced cryptocurrency until Congress and regulators conduct a review. In a statement, Waters also said Facebook executives should testify before Congress about the product, dubbed Libra, saying the company has “repeatedly shown a disregard for the protection and careful use of this data.”

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she said in a statement.

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