U.S. Lawmakers to Focus on Discussing Facebook's Libra on Swiss Visit

Michael LaVere
  • US Lawmakers traveling to Switzerland to meet with data protection agency overseeing Facebook's Libra. 
  • Congresswoman Walters, who previously called for a halt to Libra, will be heading up the group.

A group of US lawmakers are planning a visit to Switzerland in order to better understand the digital currency project being developed by Facebook. 

US Lawmakers Traveling to Switzerland

According to a report by Bloomberg on Aug. 18, six US lawmakers will hold a meeting with the Swiss Federal Data Protection and Information Commissioner (FDPIC) Adrian Lobsiger. The group will be led by Congresswoman Maxine Waters, who was critical of Facebook’s digital currency during the Libra hearings held in July. 

In addition to making the trip to Switzerland, Walters serves as Chairwoman of the US House Committee on Financial Services. Walter issued a strong statement against the digital currency last month, asking Facebook to halt Libra. 

She said in the statement, 

Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.

David Marcus, Facebook’s blockchain head, previously told Congress that FDPIC would be overseeing data protection for libra. The US lawmakers appear intent on getting to the source of the matter with their trip to Switzerland.