Rep. Maxine Waters, chairperson of the U.S. House of Representatives’ monetary Services Committee is requesting that Facebook halt development on its cryptocurrency, the Libra, as reported by CNN tech reporter Brian Fung during a series of tweets June 18.

In her statement, Rep. Waters explained:

“Given the company’s troubled past, I'm requesting that Facebook comply with a moratorium on any movement forward on developing a cryptocurrency till Congress and regulators have the chance to look at these problems and take action”

In response, Rep. Patrick McHenry, additionally of the monetary Services Committee, said the following:

“It is incumbent upon the U.S.A. as policymakers to know Project Libra. we'd like to travel beyond the rumours and speculations and supply a forum to assess this project and its potential unprecedented impact on the global economic system.”

The implications of those statements stay unclear, as will their significance for Facebook and Project Libra.

This news comes an equivalent day that Facebook released the report for its new crypto project, as Top Market Group reported.

Recently, Facebook has been aggregation investors into its “Libra Association,” a who’s who of major payment and tech firms willing to take a position $10 million every into Project Libra.

Only last month, the monetary Services Committee passed a resolution to make the Task Force on monetary Technology. The Task Force's central goal is to "analyze this legitimate system for fintech, how fintech is utilized in air and the manner in which clients have collaboration with fintech."

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