A delegation from the US House of Representatives is set to visit Switzerland to discuss cryptocurrency concerns. One issue that’s guaranteed to be discussed is Facebook’s impending stablecoin, Libra.
Report from NZZ
A report from Swiss media outlet NZZ am Sonntag revealed that six members from the US House Financial Services Committee will be meeting with Adrian Lobsiger, Switzerland’s Federal Data Protection and Information Commissioner (FDPIC), to exchange their respective views on digital currencies.
A spokesperson also told the Swiss news site that one of the main points to be discussed was the crypto Facebook is developing.
The group will be led by Maxine Waters, the chairwoman of the Financial Services Committee. Waters had asked the social media giant to put its stablecoin project on hold until the reported risks it presents are properly and clearly understood.
Clearing Concerns About Libra
The trip to Switzerland aims to clear up regulatory concerns about Libra. During hearings conducted by Waters’ committee in July, several representatives admitted to having reservations with Libra being supervised from Switzerland.
Facebook’s David Marcus gave reassurances during the hearing that the company has been in contact with Switzerland’s Financial Market Supervisory Authority.
However, Hugo Wyler, the FDPIC’s communications chief, said that the ubiquitous social media system hadn’t been in touch about registering its crypto project.
The FDPIC has sent a letter to Libra’s purported governing body, the Libra Association, for details about the stablecoin.
Wyler reportedly stated he should be informed about the project’s current status so he could evaluate how far his advisory capacity and supervisory function would be applied.