US House Financial Services Committee Chairman asks Facebook to suspend cryptocurrency projects

Maxine Waters, chairman of the US House Financial Services Committee, asked Facebook to suspend the development of the Libra cryptocurrency network until a hearing was held. Earlier, Republican Congressman Patrick McHenry wrote to Waters. McHenry writes: “The scope and scale of the project and how it fits into the global financial regulatory framework have many unresolved issues. As policy makers, we have a responsibility to understand the Libra project. We need to go beyond rumors and guesses and discuss it through discussion. The project and its potential and unprecedented impact on the global financial system. Waters said in a statement that with the announcement of the cryptocurrency program, Facebook continues its unrestricted expansion and extends its coverage to users' lives. When it comes to cryptocurrencies, there is currently no “clear regulatory framework to provide strong protection for investors, consumers and the economy”.