Waters Leads Bipartisan Delegation to Europe and Middle East

“Last month, the House Financial Services Committee held a hearing to examine Facebook’s proposed cryptocurrency, Libra, and its impact on consumers, investors, national security, and the American financial system. As I said then, that hearing was just the first step in our oversight and legislative process. Today, my colleagues and I are departing Switzerland after meeting with the government officials that Facebook claims would regulate the Swiss-headquartered Libra Association, which will issue and manage the Libra currency. Our discussions with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and Swiss legislators were helpful in understanding the status, complexity, and magnitude of Facebook’s plans.

“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency. I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.

“I would also like to extend my gratitude for the hospitality extended by Ambassador Edward McMullen and the staff of the U.S. Embassy here in Switzerland.”

In July, Chairwoman Waters convened a full Committee hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.” David Marcus, Chief Executive Officer of Facebook’s Calibra, testified on the first panel at the hearing, followed by a panel of experts who shared their views on Facebook’s plans.

Also in July, Chairwoman Waters and other Committee Democrats sent a letter to Mark Zuckerberg, Founder, Chairman, and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet, until Congress enacts an appropriate legal framework.

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