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US Legislators Still Wary About Facebook’s Libra After Discussions with Swiss Finance Regulators

United States legislators remain wary about Libra, Facebook’s crypto project, even after meeting Switzerland’s financial regulators. 

Rep. Maxine Waters on the Topic

A recently released official statement from Rep. Maxine Waters revealed that several members of the Financial Services Committee of the House of Representatives went to Switzerland and met with the country’s lawmakers and regulatory groups. 

The American lawmakers met with their counterparts from the Federal Data Protection and Information Commissioner, the Financial Market Supervisory Authority, and the State Secretariat for International Financial Matters. 

As explained earlier in August, the US representatives planned to clarify how the different Swiss authorities would oversee Libra and acquire more information about the status and scope of Facebook’s proposed project. 

Rep. Waters said the discussions with Swiss officials were helpful, but she still had concerns about permitting a major tech company to develop an alternative global currency that’s privately controlled. 

Ideal Fit

There had been several congressional hearings on Libra in July. During the sessions, David Marcus, Facebook’s VP of Messaging Products and one of Libra’s creators, stated that Switzerland was an ideal administrative fit for the project’s objectives. 

US lawmakers weren’t convinced though and voiced their concerns that the social media giant would transfer to Switzerland in order to avoid being scrutinized legally. 

Rep. Waters commented earlier that Congress’ investigations on Libra would continue. She also said that further review of the stablecoin would be prioritized by the Financial Services Committee. 

Rep. Waters, the head of the Financial Services Committee, had been a vocal critic of Libra due to Facebook’s previous actions on privacy and user data issues. She said the company had a history of failing to ensure consumer data remained private.

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