US lawmakers will visit Switzerland to discuss Crypto, the Facebook Balance


A delegation from the United States House of Representatives will visit Switzerland due to cryptocurrency problems, with the objective of the Stabalecoin Libra not yet released by Facebook.

As reported by the local newspaper NZZ am Sonntag on August 17, a delegation of six members of the Chamber of Financial Services of the Chamber will meet Adrian Lobsiger, Federal Commissioner for Data Protection and Information (FDPIC), to exchange views on digital currencies.

A spokesman told NZZ am Sonntag that Libra will be the focal point of the dialogue between the regulator and US lawmakers. The delegation is led by the chairman of the House's Financial Services Committee, Maxine Waters, who previously requested that Facebook stop Libra's development until the alleged risks involved could be adequately understood.

Swiss Regulation

The visit of US legislators aims to clarify the regulatory issues surrounding the Libra. In hearings before the Financial Services Committee of the House of July, some representatives expressed their discomfort with the currency regulated by Switzerland.

During the hearings, David Marcus of Facebook assured Representative Bill Huizenga that Facebook had been in contact with the Swiss Financial Market Supervisory Authority.

The communications manager at FDPIC, Hugo Wyler, later stated that Facebook had not contacted the regulatory authority regarding the registration of his cryptocurrency project. The IFPDT then sent a letter to the Libra Association – the governing body proposed by the stablecoin – asking for details on the Balance:

"The FDPIC stated in its letter that having received no indication of which personal data could be processed, the Libra Association should inform it of the current state of the project so that it can assess to what extent its consultative powers and its supervision powers would apply. "

During an audition before the United States House of Representatives in mid-July, Marcus raised doubts about why the company chose to register its Libra Association in Switzerland rather than the United States "Choosing Switzerland", he said Marcus, he had "nothing to do with evading regulations or control." Marcus argued that jurisdiction is a favorable international place for doing business.

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