A group of Democrats on the House Financial Services Committee sent a letter to Facebook executives today asking that the company stop all work on its cryptocurrency efforts until questions about how it will be regulated are resolved. The letter comes two weeks after Rep. Maxine Waters, D-Calif., who chairs that committee, called for a moratorium on the project.
“It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar,” the lawmakers wrote. David Marcus, the main executive behind Facebook’s cryptocurrency project, is set to testify before Congress in July. But so far, Facebook has given no indication that it is willing to comply with the lawmakers’ request that they stop working on the project altogether. Facebook didn’t immediately respond to a request for comment.