One of the biggest stories of the year has been the release of a Libra white paper by Facebook as well as the ripple effect of that release with many world governments scrambling to fully understand what the token will mean when it hits the market, as well as Facebook’s management, being summoned to US Congress to defend the token and it’s possible implications.
It seems that despite the two hearings that took place, the US lawmakers are not quite done with Libra yet as it was reported on August 17, 2019, that a delegation of United States House of Representatives will visit Switzerland to hold discussions regarding the upcoming token.
The United States and Switzerland Meet Over Libra
According to the report, the delegation will consist of six members from the House Financial Services Committee and they will meet with the Swiss Federal Data Protection and Information commissioner Adrian Lobsiger to hold these discussions about digital currencies and specifically, the Libra token.
According to a spokesperson, Libra will be the focal point of dialogue between the lawmakers as well as the Swiss regulators and the delegation will be led by Maxine Waters, who is the chairwoman of the House Financial Services Committee. It should be noted that Walters had previously requested that Facebook halt the development of the Libra token until the risks associated with the token could be fully understood.
The end goal of all of this is not only to discuss Libra but also various regulatory issues because, during the initial hearings, certain representatives were uncomfortable with the idea of the token being regulated from Switzerland seeing as it would be used all over the world.
In response to that, David Marcus, who represented Facebook at the hearing, stated that Facebook had been in touch with the Swiss Financial Market Supervisory Authority but the head of Communications at the FDPIC went on to say that they have not been contacted by Facebook yet and then the body went on to send an official letter to Facebook asking for details about Libra.
“The FDPIC stated in his letter that as he had not received any indication on what personal data may be processed, the Libra Association should inform him of the current status of the project so that he could assess the extent to which his advisory competences and supervisory powers would apply,” the letter said.