Following a visit to Switzerland to meet with the country’s monetary regulators, U.S. lawmakers are still involved over Facebook’s planned cryptocurrency project, Libra.

Meetings with multiple agencies

According to a political candidate statement from Representative Maxine Waters revealed on Gregorian calendar month. 25, members of the U.S. House of Representatives monetary Services Committee met with multiple regulative agencies and lawmakers. These enclosed the State Secretariat for International monetary Matters, the Federal knowledge Protection and data Commissioner and therefore the monetary Market superordinate Authority.

As declared earlier this month, the representatives aimed to clarify however numerous Swiss authorities would regulate Libra and learn additional concerning the standing and magnitude of the project. Despite being useful, Waters same of the meetings:

“While I appreciate the time that country organisation took to satisfy with U.S., my issues remain with permitting an outsized tech company to form a privately controlled, different international currency.”

During a series of congressional hearings in mid-July, David Marcus, the V.P of messaging product at Facebook and co-creator of Libra, stated that Switzerland was a decent regulative fit for the goals of the project.

However, many U.S. lawmakers weren't convinced, and voiced considerations that Facebook would find to Switzerland thus as to avoid legal scrutiny during a move of regulative arbitrage.

Further investigation and user data

Earlier in the week, Waters declared that Congress would still investigate Libra which further review would be a priority for the monetary Services Committee within the next legislative session.

Rep. Waters, who leads the committee, has been particularly crucial of Libra given Facebook’s past behaviorvis-a-vis user knowledge and privacy problems, saying that it's a “demonstrated pattern of failing to keep consumer information private on a scale similar to Equifax.”

After Facebook introduced the whitepaper for Libra earlier this year, Waters requested that Facebook halt its development whereas authorities investigated the project and its possible impact on the economy and U.S. financial policy. to the present finish, Marcus has same that the social media big would attempt to not launch the projected stablecoin till issues from the federal reserve and different regulators were addressed.

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