Members of US Congress demanding Facebook put Libra on hold

Four members of the House of Representatives sent a letter to Facebook calling for an immediate moratorium on its cryptocurrency Libra, saying both regulators and Congress needs more time to investigate the risk it could pose to the global economy.

Members of Congress attempting to put Libra on hold.

Regulator's distaste for Facebook's Libra has grown significantly in the past couple of weeks.

While the backlash against the controversial cryptocurrency project has been significant, now a few members of Congress have decided to take the matter into their own hands and put a hold on Libra.

In an official letter addressed to Facebook executives Mark Zuckerberg, Sheryl Sandberg, and David Marcus, lawmakers said that Libra "Raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook's over two billion users, but also for investors, consumers, and the broader global economy."

"Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action," it said in the letter.

Bipartisan agreement on security risks posed by Libra.

Democrat lawmakers pointed out that Libra was improperly regulated and lacked sufficient oversight and as such could pose "Systemic risks" that endanger both U.S. and global stability.

The strong language in the lawmakers' letter shows just how worried they are about Libra.

While the House of Representatives' Committee on Financial Services will hold a hearing on Libra on July 17, the Republican-led Senate Banking Committee scheduled its own meeting on Libra on July 16.