U.S. Lawmaker Still Concerned About Facebook’s Libra After Meetings in Switzerland

U.S. lawmaker Maxine Waters has revealed she’s still concerned about Facebook’s proposed cryptocurrency project Libra, even after discussing the project with regulators in Switzerland, where the Libra Association is headquartered.

Waters, who heads the House Financial Services Committee, released a statement on Sunday regarding her meetings with Swiss regulators, but noted she’s still concerned about “allowing a large tech company to create a privately controlled, alternative global currency.”

While she did note the meetings helped her understand the “status, complexity, and magnitude” of the social media giant’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.

As CryptoGlobe covered a group of U.S. lawmakers headed to Switzerland last week to better understand Facebook’s cryptocurrency project. The group was led by Maxine Waters and included members of the U.S. House of Representatives’ Financial Services Committee. The meetings were held with Switzerland’s Federal Data Protection and Information Commissioner, with the Financial Market Supervisory Authority, and others.

Waters has in the past called for a moratorium on Libra’s development as it could lead to a financial system based out of Switzerland that could undermine the U.S. dollars’ status. It’s worth noting that Bank of England Governor Mark Carney has recommended central banks replace the USD with a “Libra-like” digital reserve currency.