Facebook’s cryptocurrency Libra hasn’t been launched yet, but it’s already giving the Federal Reserve a headache.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Fed Chairman Jerome Powell warned Congress on Wednesday. “These are concerns that should be thoroughly and publicly addressed.”

While Powell told the House Financial Services Committee he supports “responsible innovation,” he warned that there shouldn’t be a “sprint to implementation. Any problems with the platform could quickly rise to “systematically important levels” given Facebook’s swath of more than 2 billion users.

Last month, Facebook announced plans to launch the platform in early 2020, claiming it would bring services to those in the world currently without access to a traditional bank.

The social-media giant is leading a group of 27 other companies to make the cryptocurrency — pegged to government-backed currencies — a reality.

But resistance to the project was swift and David Marcus, head of the Libra project at Facebook, will be testifying in front of the Senate and House next week.

“I believe what they’re doing raises national security and monetary policy concerns for consumers, investors and the global economy,” said Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee.