A group of Democrats on the House Financial Services Committee is calling on Facebook to halt its plan to develop a cryptocurrency-based payments platform.

The lawmakers, whose panel will hold a hearing later this month on Facebook’s Project Libra, wrote a letter to company executives Tuesday expressing concerns with the cryptocurrency’s security and oversight while stressing the need to protect users' privacy and thwart hackers.

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“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past,” the lawmakers wrote.

“Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook's digital wallet — storing potentially trillions of dollars without depository insurance — also may become unique targets for hackers,” they continued.

The letter urges Facebook and its partners to "immediately agree to a moratorium on any movement forward on Libra." The letter was addressed to Facebook CEO Mark Zuckerberg Mark Elliot ZuckerbergKey Democrat opposes GOP Section 230 subpoena for Facebook, Twitter, Google Many Google staff may never return to office full time Hillicon Valley: FBI, DHS warn that foreign hackers will likely spread disinformation around election results | Social media platforms put muscle into National Voter Registration Day | Trump to meet with Republican state officials on tech liability shield MORE, COO Sheryl Sandberg and Project Libra chief David Marcus.

House Financial Services Committee Chairwoman Maxine Waters Maxine Moore WatersPowell, Mnuchin stress limits of current emergency lending programs Pelosi: House will stay in session until agreement is reached on coronavirus relief Omar invokes father's death from coronavirus in reaction to Woodward book MORE (D-Calif.) and Democratic Reps. Carolyn Maloney Carolyn Bosher MaloneyPelosi, Democrats unveil bills to rein in alleged White House abuses of power Government watchdog recommends creation of White House cyber director position Top Democrats call for DOJ watchdog to probe Barr over possible 2020 election influence MORE (N.Y.), Wm. Lacy Clay William (Lacy) Lacy ClayFive things we learned from this year's primaries Progressives aim for big night in Massachusetts Progressives look to unseat top Democrat in Massachusetts primary MORE (Mo.), Al Green Alexander (Al) N. GreenThe Memo: Trump's race tactics fall flat Trump administration ending support for 7 Texas testing sites as coronavirus cases spike The Hill's Coronavirus Report: Miami mayor worries about suicide and domestic violence rise; Trump-governor debate intensifies MORE (Texas) and Stephen Lynch Stephen Francis LynchOvernight Defense: Pentagon redirects pandemic funding to defense contractors | US planning for full Afghanistan withdrawal by May | Anti-Trump GOP group puts ads in military papers Official: Pentagon has started 'prudent planning' for full Afghanistan withdrawal by May Overnight Defense: Dems divided on length of stopgap spending measure | Afghan envoy agrees to testify before House panel | Trump leans into foreign policy in campaign's final stretch MORE (Mass.) all signed the letter.

The Democrats said their concerns were only heightened by Facebook’s past privacy scandals, highlighting the harvesting of data from more than 50 million users from the political consulting firm Cambridge Analytica during the 2016 presidential election.

“Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” they wrote.

The Senate Banking Committee will also hold a hearing on Project Libra later this month.

Facebook’s Calibra subsidiary first unveiled its plans for the cryptocurrency last month that would be operated by the Swiss nonprofit Libra Association and separate from the social media platform. Facebook will be one of dozens of companies with investing and voting power in the project, along with Uber, Mastercard, Spotify, Vodafone, Coinbase and Women's World Banking.

Executives were quick to assure users that their privacy would be protected.

“Your social data on Facebook is kept separate from Calibra data,” Kevin Weil, Calibra’s vice president of product, told The Washington Post. “This is not about improving ad targeting. We’re trying to draw a bright red line.”

Libra's blockchain technology will allow users to hold addresses that are separate from their real-world identity. The cryptocurrency will also be backed by government currencies such as the dollar to help ensure its stability.

Libra, should it ultimately be implemented, will be available in Facebook's messaging services, Messenger and WhatsApp, as well as in a separate app.