Switzerland Visit Unsuccessful In Easing Libra Concerns

Switzerland Visit Unsuccessful In Easing Libra Concerns

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact.

Swiss Regulators

Switzerland was just one stop in a larger trip that took a bipartisan group of lawmakers to various European and Middle Eastern countries. No visit, however, was as significant as Switzerland. In a press release issued by Maxine Waters (D-CA), the Representative explains that she, together with her colleagues, met with several Swiss regulatory agencies and lawmakers. The focal subject was proper oversight and regulation of Libra.

While the meetings were cordial and informative, Waters admits to her disappointment that they were unsuccessful to reassure the American legislators that Libra would operate in a highly regulated environment. In her own words:

“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.”

Facebook appears to have picked to base Libra in Swizterland as the country offers the regulatory flexibility which the project requires. US and EU lawmakers, amongst others, are concerned that Facebook decision is a way to circumvent the tighter financial laws in their home nations.

The Libra Saga Continues

This meeting is far from being the end of Congress’ scrutiny on the project. Waters has already committed to continue the investigation and that, as the project develops, further reviews will be carried out by the Financial Services Committee (FSC). The first such review could begin as early as the next legislative session.

As head of the FSC, Facebook has already had inquiries from Rep. Waters over the user data privacy scandal. Indeed, soon after Facebook announced Project Libra, Waters sought to cease its development until the authorities could investigate it thoroughly. In order to seek to cooperate with Congress, Libra’s co-creator, David Marcus stated that the coin won’t be launched until issues raised by US authorities are sorted.

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Legislation,Project Libra,Stablecoin

Navigating Crypto Currency in the EU: Understanding MiCA and Future Regulations

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

10 September, 2025
Legislation,Project Libra,Stablecoin

Japan Bitcoin Update: Tax Cuts and Market Shifts on the Horizon

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

9 September, 2025
Legislation,Project Libra,Stablecoin

Japan’s Regulatory Landscape: Preparing for the First Yen-Pegged Stablecoin

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

8 September, 2025
Legislation,Project Libra,Stablecoin

Japan Gears Up for First Yen-Pegged Stablecoin Launch

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

7 September, 2025
Legislation,Project Libra,Stablecoin

Circle and SBI Drive USDC Expansion in Japan: Paving the Way for Regulated Stablecoin Growth

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

6 September, 2025
Legislation,Project Libra,Stablecoin

Japan Set to Lift Ban on Select Stablecoins by June 2023: What Investors Need to Know

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

4 September, 2025
Legislation,Project Libra,Stablecoin

Binance Forges Alliance with Mitsubishi UFJ for Japanese Stablecoin Launch

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

3 September, 2025
Legislation,Project Libra,Stablecoin

USDC Secures Landmark Approval in Japan, Paving Way for Wider Stablecoin Adoption

Several lawmakers from the United States of America travelled to Switzerland in order to discuss the regulation of Facebook’s Project Libra. The stablecoin project which was announced earlier this year will be based there, but financial regulators across the globe are concerned about its potential global impact. Swiss Regulators Switzerland was just one stop in […]

2 September, 2025