Congress members including Rep. Maxine Waters (D-California), who chairs the House Financial Services Committee, called for the tech company to testify and push pause on the project.
Other senators, as well as regulators in foreign countries, also expressed concern about the project. This is relevant because, despite Facebook's size, the project ultimately depends on regulatory approval if it wants to enable users to convert the currency to and from fiat money. “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data,” Waters said in a statement according to Reuters. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.” On another note, Fed Chairman Jerome Powell said on Wednesday that Facebook had discussed its plans for its Libra cryptocurrency with the Federal Reserve.