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Home / Business / Meetings in Switzerland did not clear US lawmakers in Facebook's weight

Meetings in Switzerland did not clear US lawmakers in Facebook's weight



A US lawmaker said the concerns with Facebook's Libra crypto project remain after meeting with regulators in Switzerland, where the social media giant's Libra Association is headquartered.

Congresswoman Maxine Waters (D-CA), who also chairs the House Financial Services Committee, said in a statement Sunday that her recent meetings with Swiss regulators did not clear her "allowing a large tech company to create a privately controlled, alternative global currency. "

While the meetings were" helpful in understanding the status, complexity, and scope of Facebook's plans, "Waters added:

" I look forward to continuing our congressional delegation, researching these issues, money laundering and other matters within the committee's jurisdiction. ”

Led by Waters, a group of six members of the US Representative Finance Committee Committee met last week with officials from the State Secretariat of the Inter National Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA ), as well as Swiss lawmakers, to discuss Facebook's plans for Libra.

Waters' statement came just days after she revealed a plan for fall 201

9, where she pledged to continue the review of Libra and the wallet service developed by Facebook's subsidiary Calibra.

She has been critical of Facebook's Weight Plan since the social media giant announced the move in June. Waters asked for a "moratorium" on Libra's development during a television appearance on CNBC.

U.S. Representative Maxine Waters photo via Shutterstock


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