U.S. Lawmakers to Visit Switzerland to Tackle Crypto Concerns, Facebook’s Libra

A few members of the United States House of Representatives will go to Switzerland to address cryptocurrency concerns, with Facebook’s forthcoming stablecoin Libra being in the spotlight.

Local weekly news outlet NZZ am Sonntag detailed on August 17 that a six-member delegation from the House Financial Services Committee is considering to meet with Swiss Federal Data Protection and Information Commissioner (FDPIC) Adrian Lobsiger to discuss views about cryptocurrencies.

A representative told NZZ am Sonntag that Libra will be the central point of the dialogue between the regulator and U.S. officials. The delegation is driven by the chairwoman of the House Financial Services Committee, Maxine Waters, who previously requested that Facebook end Libra’s development until the implied dangers it postures might be appropriately understood.

The visit from U.S. lawmakers intends to clarify regulatory issues encompassing Libra. A few representatives communicated their distress with the coin being regulated from Switzerland in hearings before the House Financial Services Committee in July.

In the hearings, Facebook’s David Marcus guaranteed Representative Bill Huizenga that Facebook had been in discussion with the Swiss Financial Market Supervisory Authority.

Hugo Wyler, the head of communications at the FDPIC, later said that Facebook had not reached the regulator concerning the registration of its cryptocurrency venture. The FDPIC subsequently sent a letter to the Libra Affiliation — the stablecoin’s proposed governing body — inquiring for specifics about Libra:

“The FDPIC stated in his letter that as he had not received any indication on what personal data may be processed, the Libra Association should inform him of the current status of the project so that he could assess the extent to which his advisory competences and supervisory powers would apply.”

In a hearing before U.S. House of Agents in mid-July, Marcus handled questions as to why the firm had chosen to register its Libra Association in Switzerland instead of the U.S. “The choice of Switzerland,” Marcus asserted, had “nothing to do with evading regulations or oversight.” Marcus contended that a jurisdiction is a global place conducive to operating business.