Waters wants Facebook to halt plans

House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) on Tuesday called on Facebook to halt its new cryptocurrency project until regulators and Congress weigh in on the endeavor.

In a statement, Waters said that the social media giant should back away from the financial services industry because of the company’s repeated privacy breaches, alleged violation of consumer protection laws, and a string of other controversies involving user data.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” Waters said in a Tuesday statement.

“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.”

Republicans also wary: Rep. Patrick McHenry (R-N.C.), ranking Republican on the Financial Services panel, asked Waters in a Tuesday letter to hold a hearing on Project Libra and “its potential unprecedented impact on the global financial system.”

Waters also wants Facebook executives to appear before her panel to discuss the project.