Rep. Maxine Waters, D-Calif. and chair of the House Financial Services Committee, told CNBC on Thursday that Facebook should halt development of the project.
"We're going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency," she said. "I think it's very important for them to stop right now what they're doing so that we can get a handle on this."
Along with other lawmakers, Waters decried the project within hours of the official Libra announcement on Tuesday and called for a temporary moratorium on its development.
The Senate Banking Committee announced on Wednesday that it will conduct a hearing on July 16 to question witnesses about the Libra project.
Facebook shares have increased significantly in the last week on anticipation of the new cryptocurrency. They were up 1.1% to $189.53 on Thursday.
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