After visiting Libra’s base (Switzerland), US legislators have not let go of their guard

According to foreign media, after visiting Switzerland to meet with the country's financial regulators, US legislators are still worried about Facebook's cryptocurrency project Libra.

Lake-constance-2039784_1280

Image source:

Meeting with multiple agencies

According to an official statement issued by US Congressman Maxine Waters on August 25th, members of the US House Financial Services Committee met with several Swiss regulators and members. These Swiss institutions include the National Secretariat for International Financial Affairs, the Federal Data Protection and Information Commissioner, and the Financial Markets Authority.

As announced earlier this month, the purpose of the US lawmakers' trip is to clarify how the Swiss authorities will oversee Libra and learn more about the current status and scale of the project. When talking about these meetings, Waters said:

“Although I am grateful to the Swiss government officials for taking the time to meet with us, I am still concerned about allowing a large technology company to create a privately controlled, alternative global currency.”

At a series of congressional Libra hearings in mid-July, David Marcus, co-founder of Facebook communications products and Libra co-founder, said that Swiss regulation is well aligned with the project's goals.

However, many US congressmen do not believe that they are worried that Facebook will set up Libra's headquarters in Switzerland in order to circumvent the legal review brought about by regulatory arbitrage.

Further investigation and user data

Earlier this week, Waters said Congress will continue to investigate Libra, and further review will be a priority for the US Congressional Financial Services Committee in the next legislative session.

In view of Facebook's past behaviors on user data and privacy issues, the chairman of the committee, Rep. Waters, is particularly critical of Libra. Waters said Facebook "has failed to maintain the privacy of consumer data on a scale similar to Equifax."

After Facebook released Libra's white paper earlier this year, Waters asked Facebook to stop development, and the authorities are investigating the project and its possible impact on US economic and monetary policy. To this end, Marcus said that Facebook, the social media giant, will promise not to launch the proposed stable currency plan until the concerns of the Fed and other regulators are resolved.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Hong Kong's anti-acquisition new deal will take effect, and the "coin stock" of the fire currency will be renamed as a risk

Tongcheng Holdings Co., Ltd. (HK1611) issued an announcement proposing to change the company name to Firecoin Technol...

Blockchain

2019 Spot Exchange Research Report: The total global trading volume is $ 13.8 trillion, BTC accounts for 48.29%

Key takeaways: 1. The annual spot transaction volume was US $ 13.8 trillion . 2. BTC's annual trading volume acc...

Opinion

Tokyo and Kyoto, the rising encrypted 'twin stars

In an era where technological advancements are shaping the future of economies around the world, Japan is taking a st...

Blockchain

FTX Founder’s Shady Messaging Moves: The Signal of Trouble

Sam Bankman-Fried's Criminal Trial is Underway

Opinion

Wall Street Journal Binance Empire on the Verge of Collapse

After the collapse of FTX, the largest cryptocurrency exchange in the world seems to be Binance. However, less than a...

Policy

Crypto Exchange FTX to Sell Trust Assets: Debtors Making a Desperate Cash Grab!

The debtors have suggested forming a pricing committee that includes representation from all stakeholders in addition...