June 18, 2019 / 9:20 PM / in a month

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

FILE PHOTO: A man poses with a magnifier in front of a Facebook logo on display in this illustration taken in Sarajevo, Bosnia and Herzegovina, December 16, 2015. REUTERS/Dado Ruvic/Illustration/File Photo

WASHINGTON (Reuters) - 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.

Reporting by Pete Schroeder; Editing by Lisa Shumaker

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