Facebook should ditch its cryptocurrency project and buy Square, the payments platform run by Twitter CEO Jack Dorsey that has a $34.2 billion market cap and an established bitcoin play, CNBC's Jim Cramer said Wednesday.

Cramer was initially a fan of the social media giant's planned foray into the digital money market via the Libra coin, but changed course after seeing Big Tech get grilled in antitrust hearings on Capitol Hill. Facebook should just drop the concept, Cramer said.

"It's clearly doing more harm than good," the "Mad Money" host said, addressing the message beyond viewers and to Facebook leadership. "Instead, just take some of your money, you want to get into payments, just go buy Square [for] $70 billion … [and] blow out Square's payments network worldwide. Square Cash is going to be Facebook Cash."

In June Facebook announced Libra, a collaborative effort between international organizations, which has drawn skepticism from officials in Washington, D.C., including President Donald Trump and both sides of the aisle. The cryptocurrency was a primary focus of the company's head of Libra, David Marcus', appearance in front of the House Financial Services Committee Wednesday. He also appeared before the Senate Committee on Banking, Housing and Urban Affairs, earlier this week.

The various hearings, which also included executives from Apple, Alphabet's Google and Amazon, follow a $5 billion fine the Federal Trade Commission issued to Facebook for privacy issues.

"If [Facebook would] simply bring in some unassailable outside counsel with real credibility ... then maybe the government would allow them to self-regulate again," Cramer said. He said he's still not worried about the company in part "because their Instagram business is on fire."