U.S. Lawmakers Meet with Swiss Authorities Regarding Regulation of the Virtual Currency Libra

Maxine Waters and other U.S. congressmen issued the following statement after a visit to Swiss regulators regarding regulating Facebook's virtual currency Libra.

"While we appreciate that a high-ranking Swiss government official has given us a lot of consideration, we remain concerned about having major IT companies issue privately-controlled global currencies."

A group of U.S. congressmen visited Swiss regulators to discuss the issue of Facebook's virtual currency Libra and met with officials from Switzerland's Data Protection Board, the Treasury Department's International Financial Bureau and the Swiss Financial Supervisory Service (FINMA) to discuss the issue and management of Libra.

In a Libra hearing held at the U.S. Congress last month, Maxine Waters expressed strong concerns over Facebook's development of Libra, pointing to its past of failing to protect customer data. In addition, Facebook claims it has set up a new entity in Switzerland, not the United States, that it needs to develop Libra, in order to smoothly deal with legal investigations by regulators.

Earlier this week, Congress will continue to investigate Libra, and

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