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

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021