A delegation of the U.S. House of Representatives will visit Switzerland on cryptocurrency issues, with Facebook’s not-yet-released stablecoin Libra being within the focus.

As local weekly news outlet NZZ am Sonntag reported on August. 17, a six-member delegation from the House monetary Services Committee is going to meet with Swiss Federal data Protection and information Commissioner (FDPIC) Adrian Lobsiger to exchange views regarding digital currencies.

A representative told NZZ am Sonntag that Libra will be the focus of the dialogue between the regulator and U.S. lawmakers. The delegation is LED by the chairperson of the House money Services Committee, Maxine Waters, who previously requested that Facebook halt Libra’s development till the purported risks it poses may be properly understood.

Swiss regulation

The visit from U.S. legislators aims to clarify regulative problems surrounding Libra. In hearings before the House money Services Committee in July, some representatives expressed their discomfort with the coin being regulated from Suisse.

In the hearings, Facebook’s David Marcus assured Representative Bill Huizenga that Facebook had been to bear with the Swiss monetary Market supervisory Authority.

The head of communications at the FDPIC, Hugo Wyler, subsequently stated that Facebook had not contacted the regulator relating to the registration of its cryptocurrency project. The FDPIC then sent a letter to the Libra Association — the stablecoin’s proposed governing body — inquiring for details regarding Libra:

“The FDPIC declared in his letter that as he had not received any indication on what personal information could also be processed, the Libra Association ought to inform him of the current status of the project so he might assess the extent to that his consultive competences and superordinate powers would apply.”

During a hearing before U.S. House of Representatives in time period, Marcus fielded queries on why the corporate had chosen to register its Libra Association in Switzerland instead of the U.S. “The choice of Switzerland,” Marcus claimed, had “nothing to try to to with evading regulations or oversight.” Marcus argued that the jurisdiction is an international place contributing to doing business.

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