US Lawmakers to Probe Future of Crypto in Visit to Switzerland

August 19, 2019

Six US lawmakers are heading to Switzerland to explore the country’s policies on cryptocurrency.

The delegation will be led by Democrat Maxine Waters and will largely focus on how Swiss leaders will handle Facebook’s digital asset Libra, reports Bloomberg.

In a round of hearings last month, Facebook’s head of blockchain David Marcus said Switzerland’s Federal Data Protection and Information agency will oversee the social media giant’s stablecoin. But after his remarks, the Swiss agency told CNBC it has not yet heard from Facebook.

“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra.

We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”

After the intense response from leaders in Washington, D.C. who made clear their intentions to halt Facebook’s development Libra and its new subsidiary Calibra, designed to provide financial services to its global userbase, Marcus says the social media giant won’t launch Libra until it is fully compliant with regulations in the US and around the world.

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