These events took place a few hours after Facebook made it official that their Novi wallet was ready for a pilot program. In the open letter, the senators said that it is not safe to trust Facebook with the sensitive information of millions of citizens.
It is not the first time that Facebook has been stopped by regulatory authorities in a cryptocurrency venture. Earlier, the Libra project from Facebook was similarly asked to shut down. The Libra project would have been a massive crypto venture if successfully carried out.
Facebook has previously been linked to multiple cases of sensitive information leak and comprising with users’ data. If Facebook is not allowed to move ahead with its Diem and Novi digital wallet plans, it might be the end of their crypto plans.