US Meets In Switzerland To Chat Crypto Assets And Facebook’s Libra To Serve As Pivotal Topic Of Interest
It has been recently revealed that the United States House of Representatives will be sitting down with the Swiss Federal Data Protection Information Commissioner (FDPIC), Adrian Lobsiger, to discuss digital assets reports Coin Telegraph.
The news was initially reported by news outlet, NZZ am Sonntag, who was told by an unnamed source that Facebook’s Libra will be under the spotlight. The main concern that still persists today is the latter’s hindrance to privacy of data and ridding this uncertainty is what appears to be the main cause for such a meeting.
As for the entirety of this delegation, it will be led by the Committee’s Chairwoman, presently, Maxine Waters. Waters had once requested more time to fully understand the possible risks that might be tied to Libra prior to its launch.
According to the claims made, Switzerland has previously expressed discomfort in having Libra regulated in the country. In the past, Head of Calibra, David Marcus did what he could to reassure a Swiss Representative, Bill Huizenga that Facebook had reached out about its endeavors in regard to regulations, especially with the Swiss Financial Market Supervisory Authority.
Following this, FDPIC’s Head of Communications, Hugo Wyler, supposedly sent a letter to Facebook requesting any implications that may arise from Libra, especially in regard to the type of personal data that might be processed. In fact, the letter asked that “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.”
Interestingly, the Libra team have not sought regulations in the U.S. but instead in Switzerland. As disclosed by Finance Magnates, Marcus formerly shared that the reason for this had nothing to do with trying to dodge regulators, but solely “for the purposes of data and privacy protections,” which he believes makes the Swiss FDPIC the best fit for the project as a regulator.