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Key Words: Citing ‘massive risks,’ House Democrats ask Facebook to halt its cryptocurrency plans

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability.”

That’s what a group of Democrats on the House Financial Services Committee said to Facebook Inc. on Tuesday, in a letter asking the tech giant to halt plans for Libra, its cryptocurrency project.

The letter to Facebook Chief Executive Mark Zuckerberg, CFO Sheryl Sandberg and David Marcus, CEO of Facebook’s Calibra digital wallet, was signed by committee chair Maxine Waters, D-Calif., along and Reps. Carolyn Maloney, D-N.Y., Lacy Clay, D-Mo., Al Green, D-Texas, and Stephen Lynch, D-Mass.

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