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Concerns over Libra Remain After US Lawmakers’ Swiss Rendezvous

Congresswoman Maxine Waters (D-CA), chairwoman of the US House of Congress’ Financial Services Committee, announced on Sunday that her concerns over Facebook’s plans to create its Libra cryptocurrency and corresponding network were not assuaged during a meeting with Swiss officials who said that they would regulate it.

Waters and her committee reportedly met with representatives from Switzerland’s State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, the Financial Market Supervisory Authority, as well as Swiss legislators who were “helpful in understanding the status, complexity, and magnitude of Facebook’s plans.”

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However, “while I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Waters said in a statement on the Sunday following the meetings. Waters led a delegation of representatives from the House Financial Services Committee to meet with Swiss Regulators in Switzerland last week.

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The decision to meet with the Swiss regulators was made following the revelation that neither Facebook nor the Libra project had been in contact with them regarding the founding of the Libra Association within Switzerland.

During a hearing held in the US House of Representatives on July 16, David Marcus, the head of the Libra project, claimed that “for the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator.”

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