Bitcoin

US Delegation Will Visit Switzerland to Discuss Crypto and Libra

The United States is looking to send a delegation of House of Representatives members to Switzerland to discuss crypto. This comes as the United States is looking to tackle crypto regulations, as Facebook’s upcoming Libra crypto is putting pressure on regulators.

US House of Representatives delegation will discuss crypto in Switzerland

This news was first covered by the Swiss news outlet NZZ am Sonntag on August 17th. According to the media outlet, the House Financial Services Committee is going to send a six-member delegation to Switzerland.

The delegation will reportedly meet with the Swiss Federal Data Protection and Information Commissioner, Adrian Lobsiger, to discuss digital currencies and exchange views regarding them.

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Moreover, NZZ am Sonntag also writes that the US delegation will focus on Libra during its discussions with Swiss representatives. The US delegation will be led by Maxine Waters, who previously called on Facebook to ”stop” development of Libra.

Furthermore, this comes after US legislators have faced pressure in relation to Libra. The House Financial Services Committee held a number of hearings regarding Libra back in July, during which several representatives voiced their concern over Libra being regulated from Switzerland.

Many regulatory questions over Libra still remain

At that time, one of Facebook’s official, David Marcus, assured a concerned representative hat Facebook has been in touch with the Swiss Financial Market Supervisory Authority.

Nevertheless, this fact was later brought up by the Head of Communications at the Swiss Federal Data Protection and Information Commission, Hugo Wyler. According to Wyler, Facebook had – in fact – not contacted the Swiss regulator regarding the registration and regulation of Libra.

Moreover, the Swiss Federal Data Protection and Information Commission then sent ta letter to Libra’s proposed governing organization, the Libra Association, urging them to share more details regarding Libra. Furthermore, this revealed that the FDPIC was largely in the dark on what personal data Libra would process.

”The FDPIC stated in his letter that as he had not received any indication on what personal data may be processed, the Libra Association should inform him of the current status of the project so that he could assess the extent to which his advisory competences and supervisory powers would apply.” 

It will, nevertheless, be interesting to see what comes of this delegation to Switzerland. Switzerland has been notoriously supportive of cryptocurrencies with its regulations. Time will tell whether this sentiment will trickle over to American lawmakers. 

Image Source: Finance Magnates

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