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Switzerland Meetings Didn't Clear US Lawmaker's Doubts on Facebook's Libra

A U.S. lawmaker said her concerns with Facebook's Libra crypto project remain after meeting regulators in Switzerland.

Aug 26, 2019 at 6:05 a.m. UTC
Updated Sep 13, 2021 at 11:22 a.m. UTC

A U.S. lawmaker said her concerns with Facebook's Libra cryptocurrency project remain after meeting regulators in Switzerland, where the social media giant's Libra Association is headquartered.

Congresswoman Maxine Waters (D-CA), who also heads the House Financial Services Committee, said in a statement on Sunday her recent meetings left her with doubts over "allowing a large tech company to create a privately controlled, alternative global currency."

While the meetings were "helpful in understanding the status, complexity and magnitude of Facebook’s plans," Waters added:

"I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction."

Led by Waters, a group of six members from the U.S. House of Representatives’ Financial Services Committee met last week with officials from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), as well as Swiss legislators, to discuss Facebook's plans for Libra.

Waters' statement came just days after she revealed a schedule for fall 2019, where she pledged to continue the review of Libra and the wallet service developed by Facebook's subsidiary Calibra.

She has been critical of Facebook's Libra plan since the social media giant announced the move in June. Waters called for a "moratorium" on Libra's development during a TV appearance on CNBC.

U.S. Representative Maxine Waters image via Shutterstock

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