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US lawmaker’s concerns on Facebook's crypto remain unresolved even after meeting with Swiss regulators

Mon, 26 Aug 2019, 08:49 am UTC

The concerns of U.S. lawmakers on Facebook’s proposed cryptocurrency remain unresolved even after their recent meeting with Swiss regulators.

Chairwoman of the House of Financial Services Committee Maxine Waters led a group of six members of the committee to meet with the officials from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators.

In an official statement on the meeting, Waters said that the discussions were “helpful in understanding the status, complexity, and magnitude of Facebook’s plans.”

However, she added:

“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. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.”

Waters had previously called for a moratorium on the cryptocurrency project and reiterated it during the Congressional hearing on July 17, saying (addressing Facebook’s blockchain head David Marcus):

“Will you stop dancing around this question and commit here in this committee … to a moratorium until Congress enacts an appropriate legal framework to ensure that Libra and Calibra do what you claim it is intended to do?”

Marcus avoided giving a direct answer and replied:

“I agree with you that this needs to be analyzed and understood and the proper oversight needs to be set up before it can be launched … and this is my commitment to you, we will take the time to get this right.”

The crypto project has been attracting regulatory scrutiny from regulators around the world ever since Facebook made the official announcement in June this year. Recent reports suggest that due to this growing regulatory pressure, some of the founding members of the Libra Association, the governing body of the Libra project, are even considering backing out.

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