US lawmaker remains concerned about Facebook’s Libra crypto after meeting Swiss officials

Democratic Congresswoman Maxine Waters says she remains concerned about Facebook’s proposed cryptocurrency Libra, after meeting officials in Switzerland, the Libra Association’s headquarters.

Waters, who is also the Chairwoman of the U.S. House Committee on Financial Services, issued a statement on Sunday, saying that Switzerland’s government officials were “helpful in understanding the status, complexity, and magnitude of Facebook’s plans,” but:

“My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.”

She added: “I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction."

The news of Waters’ Switzerland visit first broke last week. According to Sunday's statement, Waters and her colleagues held 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 other Swiss legislators.

Waters has strongly criticized the Libra project ever since it was announced in mid-June. She first called for a halt in the development of the project, and then convened a full Committee hearing, where she said Facebook has “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.”