Who could have seen this coming?
Just hours after the announcement, and release of a white paper, of its new cyrpocurrency, called Libra, the US government has decided its time to intervene - likely for the good of us all.
Rep. Patrick McHenry, senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chair Maxine Waters, a Democrat, demanding a hearing on the Facebook cryptocurrency initiative, according to Reuters.
" Unlike existing digital currencies, Facebook has a worldwide platform and scale that can impact global payments and the digital currency market..."
"We know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework...
It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system", McHenry said in a letter, cited by Reuters.
Waters, not exactly known for her cutting-edge financial smarts, responded quickly by demanding that Facebook should halt development of its announced cryptocurrency until Congress and regulators conduct a review.
Reuters reports that Waters also said Facebook executives should testify before Congress about the product, saying the company has "repeatedly shown a disregard for the protection and careful use of this data."
Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action," she said in a statement.
Read more: Maxine Waters Demands Facebook Stop All Development Of Libra Crypto Project