Rep. Waters leads delegation to Switzerland to discuss Facebook cryptocurrency

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Rep. Maxine Waters (D-CA) recently led a Congressional delegation to Switzerland to visit with government officials about a new cryptocurrency that social media company Facebook is proposing.

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Waters, chair of the House Financial Services Committee, met with the government officials in Switzerland, who would oversee and regulate Facebook’s proposed Libra cryptocurrency, which would be issued by the Swiss-headquartered Libra Association. The visit follows a hearing the committee held in July to examine Libra, and its impact on consumers, investors, national security, and the financial system. David Marcus, CEO of Facebook’s Calibra, testified at the hearing.

The Waters delegation met with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators to understand Facebook’s plans.

“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,” Waters said.

In July, Waters sent a letter to Facebook CEO Mark Zuckerberg, COO Sheryl Sandberg, and Marcus requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency until Congress enacts an appropriate legal framework.

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