FILE PHOTO: Rep. Patrick McHenry (R-NC) questions Federal Reserve Board Chairman Jerome Powell as he delivers the Federal Reserve’s Semiannual Monetary Policy Report on Capitol Hill in Washington, U.S., February 27, 2019. REUTERS/Joshua Roberts
WASHINGTON: A leading US House lawmaker on June 18 called on Facebook Inc to halt development on its new cryptocurrency and for company executives to testify before Congress, adding to global concerns about what the digital currency could mean for data privacy and security.
Maxine Waters, who chairs the House Financial Services Committee, said Facebook should halt development of the product, dubbed Libra, until Congress and regulators can review the issue, and called on company executives to testify before Congress.
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