Senators Call on Facebook to Shut Down Novi Initiative
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Senate Democrats called on Facebook to stop its Novi wallet initiative, according to a group letter to Mark Zuckerberg signed by US Senators Elizabeth Warren, Brian Schatz, Sherrod Brown, Tina Smith and Richard Blumenthal. The senators voiced their "strongest opposition" to effort to launch a digital wallet called Novi.

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"Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient," the letter reads.

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The senators urged Zuckerberg to "immediately discontinue" work on Novi pilot and to commit that Facebook will not bring the wallet to market. The call comes after Facebook launched a pilot that will allow users of Novi to send remittances using Pax Dollar (USDP).

Users will also have to use government-issued ID to sign up. It remains unclear if Facebook plans to keep obligatory verification only for pilot testing. David Marcus, Head of Facebook Financial, said on Twitter that the company wants to test "core feature functions, and our operational capabilities in customer care and compliance."

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