U.S. lawmakers are calling for Facebook to halt Libra development

After U.S. Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, asked for a hearing on Project Libra in a letter to committee Chairwoman, U.S. Rep. Maxine Waters, Waters has called for a halt in Facebook's development of its cryptocurrency.

Waters referenced previous controversy surrounding Facebook's data policies in her statement and called its foray into the cryptocurrency a market a continuation of its "unchecked expansion" into peoples' lives.

"Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies," she said in a 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."