House Financial Services Chairwoman Maxine Waters called on Facebook to temporarily halt its plans to roll out a new cryptocurrency called Libra.

Citing the social media giant's past struggles with protecting data and users, the California Democrat called for a wave of oversight before Facebook commits to the project.

"Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues," Waters said.

Facebook announced its project Tuesday, in which it has partnered with companies including Visa, PayPal, and Uber to create the virtual currency known as Libra. The project will allow users of the social media network to pay for goods and send money through apps like WhatsApp and Messenger.

Waters warned Facebook has a poor track record in protecting user data.

“Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data," she said. "It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users," she added. "The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies."

The panel's top Republican, Rep. Patrick McHenry of North Carolina, also called for a hearing, writing in a letter to Waters that lawmakers need to assess the project's "potential unprecedented impact on the global financial system."