Chair of House Financial Services Committee Requests Halt on Facebook’s Crypto Project


Disclaimer: this story is breaking and will be subject to updates.

Rep. Maxine Waters, chairwoman of the United States House of Representatives’ Financial Services Committee is requesting that Facebook halt development on its cryptocurrency, the Libra, as reported by CNN Tech Reporter Brian Fung in a series of tweets June 18.

In her statement, Rep. Waters explained:

“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”

In response, Rep. Patrick McHenry, also of the Financial Services Committee, said the following:

“It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”

This news comes the same day that Facebook released the white paper for its new crypto project, as Cointelegraph reported.