Congresswoman Maxine Waters (D-CA), who also heads the House Financial Services Committee, said lawmakers are still worried about the suggested Facebook cryptocurrency project, even after meeting with regulators in Switzerland. Congress’ concerns about Facebook’s Libra continue despite Swiss meeting.
This news is according to an official declaration issued on August 25 by Maxine Waters, and other U.S. representatives.
The Financial Services Committee of the House of Representatives met with various regulatory organizations and legislators. This includes the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner and the Financial Market Supervisory Authority.
Maxine Waters said:
“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.”
Earlier, congresswoman Maxine Waters (D-CA) issued a statement setting out a schedule for the fall of 2019. The list included a commitment to continue with a review of Libra. As well as the wallet software created by Calibra, a subsidiary of Facebook.
For a long time, Waters has been calling for more regulatory scrutiny of the plunge into digital asset space of the social media giant based in Menlo Park.
In his declaration released to Congress, Calibra’s head, David Marcus said that Libra is only to be regulated by the Swiss government because of its base being in the country.
Simultaneously, he assures that Libra will align with all U.S. tax rules, monetary laws, and fraud laws. He claims the Libra Association anticipates the reality that it will authorize the currency. Also, fitted with suitable overheads of supervision, and adequately controlled.
Facebook formally announced the digital coin Libra in June, anticipated to launch by 2020. Only two days later, Rep. Waters asked to postpone the crypto project’s launch due to congressional verification.
Later in July, Walters deepened the investigation, including questioning David Marcus, head of Facebook’s digital project.
‘Libra Association’ is 28 non-profit organization and regulatory commission that supports Libra.