Facebook’s Libra project continues to remain a matter of concern for the US lawmakers, even after Democratic Rep. Maxine Waters meets its official committee in Switzerland, at Libra’s headquarters.
Ever since Facebook’s Libra project has been announced, several US politicians have released a sequence of criticism and concerns over capability and scope. Waters had ordered a temporary stop on its developments and summoned a committee hearing to interrogate Facebook officials over their disastrous run-ins at consumer data privacy.
Waters, also serving as the Chair of the House Financial Services Committee, released an official statement on Aug 23, which constituted a prioritized plan of actions for the remainder of the year. Included in the list were the comprehensive review of Facebook’s Libra project and its digital wallet Calibra by the US law regulators.
Facebook’s Libra project in jeopardy?
Following extensive discussions with the State Secretariat for International Financial Matters (SIF), the Financial Market Supervisory Authority (FINMA), and the Federal Data Protection and Information Commissioner (FDPIC), the Democratic Party member and her colleagues have called for a detailed investigation of the project that primarily revolves around consumer data privacy and security in transactions.
She announced that although the government officials in Switzerland managed to demonstrate the magnitude of the project, its intricacies, and the process, she is not entirely convinced of its positioning as an unregulated, privately owned and controlled global currency.
She furthers her argument by saying that only upon careful consideration of its implications by the Congressional delegation, will she be persuaded with a sovereign-free alternative currency, with no possible involvement with money laundering and terrorism funding.