Several U.S. Congressmen Will Pay Visits to Swiss Regulators Regarding Libra

A group of U.S. congressmen will visit the Swiss data protection authority (FDPIC) in the near future due to issues related to Facebook's regulation on virtual currency Libra, according to Swiss media NZZ am Sonntag. Facebook has set up a separate corporation in Switzerland for its virtual currency Libra project.

The six-member U.S. House Financial Services Committee will meet with Swiss data protection committee chairman Adrian Lobsiger and exchange views on the regulation of virtual currency. In particular, the purpose of the U.S. congressmen's visit to Switzerland is to pay a visit that amounts to a preliminary measure because of concerns that Facebook may set up a separate corporation in Switzerland for its virtual currency Libra project, thereby avoiding restrictions by U.S. regulators.

Leading the group is Maxine Waters, the head of the Financial Services Commission, who is known to be a strong advocate of stopping the project out of concern about the economic risks of Libra. During the U.S. hearing, Marcus, the CEO of Facebook's virtual currency Libra, was strongly told to end the virtual currency "Libra" and digital wallet "Calibra."

At the Senate hearing, democrat Sherrod Brown also expressed strong distrust over Facebook's move to set up a separate corporation in Switzerland and establish a "Libra Association" for the virtual currency Libra project, saying it is "very concerned" that a group of companies like the Libra organization is managing the global currency.

In response, Marcus said he would not launch the Libra project "unless all the concerns of regulators are resolved." It is not because we want to avoid U.S. supervision, but because it is the world's financial hub, because we decided to establish Switzerland, not the United States.

Marcus said at a public hearing that Facebook had already contacted Swiss financial regulators about Compliance, but FDPIC's communications chief said Facebook had not yet contacted or reported Libra's registration. On the contrary, FDPIC sent Facebook an open letter of data protection related to the virtual currency Libra.

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