House lawmakers officially ask Facebook to put Libra cryptocurrency project on hold

House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.

Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move like this last month shortly after the project was announced. Waters’s letter today, sent to Facebook’s CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcus, formalizes that request from a few weeks ago. Aside from Waters, the letter is signed by House Finance’s subcommittee leaders.

“If products and services like these are left improperly…

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