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Facebook Triggers Fresh Washington Fury Over Crypto Project

  • Lawmakers demand hearings, urge moritorium on Libra coin
  • Silicon Valley company plans to launch coin next year
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Facebook Inc.’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry U.S. lawmakers.

House Financial Services Committee Chairwoman Maxine Waters urged the company to halt development of the token until Congress and regulators can examine it. Other lawmakers demanded hearings and questioned whether the coin, called Libra, will have appropriate oversight.