Why Facebook's cryptocurrency project faces pushback from US lawmakers

The scrutiny shows the risks for a corporate titan like Facebook of moving into a controversial industry like cryptocurrencies

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 US 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.

The scrutiny shows the risks for a corporate titan like Facebook, which already faces deep skepticism in Washington, of moving into a controversial industry like cryptocurrencies. Still reeling from allegations that it failed to protect users’ data, the