Crypto Concerns Are Still A Deal-Breaker For US Regulators

Currently, there are many crypto concerns for the United States lawmakers – who are still concerned over the future of the proposed cryptocurrency project for Facebook, Libra.

The latest cryptocurrency news feature an official statement from the Representative Maxine Waters published on August 25 showed, there was a meeting between the U.S. House of Representatives Financial Services Committee members and regulatory agencies and lawmakers. The meeting included  the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority.

While Max Keiser tweeted and ignited a Bitcoin bull run, the representatives (as mentioned above) are what matters to the BTC market right now. They aimed to clarify how various Swiss authorities would regulate Libra as well as learn more about the status and magnitude of the project.

“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,” Waters said about the meetings.

During the series of congressional hearings in mid-July, the vice president of messaging products at Facebook and co-creator of Libra, David Marcus, noted that Switzerland was a good regulatory fit for the goals of the project. Still, a lot of US lawmakers were not convinced and voiced their concerns that Facebook would locate to Switzerland in order to avoid legal scrutiny in a move of regulatory arbitrage.

On the other hand, many best cryptocurrency news sites predict a bright future for Libra. Waters confirmed that the Congress would continue to investigate Libra and further review things – even with the crypto concerns by US lawmakers.

Another thing worth mentioning in the altcoin news about Libra is the fact that Waters has been especially critical of the stablecoin, given Facebook’s past behavior regarding user data and privacy issues. She said that the social media giant has a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.”

Right after Facebook introduced a white paper for Libra earlier this year, the crypto concerns were born and Waters requested that Facebook should halt its development. To this end, Marcus (from Facebook) said that the social media giant would commit to delaying the launch of the proposed stablecoin until the concerns had been addressed.