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Facebook delays launch of Libra cryptocurrency until regulatory issues resolved

Facebook Inc. said it will delay the launch of its Libra cryptocurrency until all regulatory concerns are addressed.

In a Sept. 24 letter to Rep. Emanuel Cleaver II, D-Mo., Calibra head David Marcus wrote: "We want to get this right; we will not launch until we have addressed all US regulatory concerns."

Calibra is the new subsidiary Facebook set up to manage its Libra cryptocurrency.

The social media giant said it will cooperate and provide necessary information to federal regulators who are reviewing the company's cryptocurrency plans.

The news comes a month after Cleaver sent a letter to Treasury Secretary Steven Mnuchin, Facebook CEO Mark Zuckerberg, Office of Financial Research Director Dino Falaschetti and Marcus calling for collaboration between Facebook, Calibra and financial regulators before the cryptocurrency becomes available to the public.

"I'm hopeful that Facebook's cooperation with financial regulators will protect consumers and the broader economy from systemic harms as well as nefarious and pernicious actors," Cleaver said in a Sept. 24 statement.

The head of the U.S. House Committee on Financial Services in June called on Facebook to cease work on Libra, citing Facebook's recent data privacy scandals as cause for concern.