U.S. lawmakers say Facebook cannot be trusted to manage cryptocurrency

A 3D-printed Facebook logo and representations of cryptocurrency are standing on a motherboard in this picture illustration taken April 17, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) - A group of U.S. lawmakers said Facebook Inc cannot be trusted to manage cryptocurrency and urged the social media platform to discontinue immediately a small pilot of its cryptocurrency wallet named Novi, which was launched on Tuesday.

U.S. Democratic senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren and Tina Smith voiced their opposition to Facebook's two-year-old effort to launch a cryptocurrency and digital wallet.