The Financial Services Committee will hold a hearing on Facebook’s Project Libra on July 17 and a letter sent to company executives CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcusasked “asking” to immediately cease development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra.

From the letter:
“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,”

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past,”

“Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook’s digital wallet — storing potentially trillions of dollars without depository insurance — also may become unique targets for hackers,”

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