Facebook Lying with Libra Already
The Senate Banking Committee has a hearing on Tuesday, July 16th, 2019. The discussion was held amongst the senate and David Marcus, the Head of Libra. During the hearing, Marcus noted that Facebook is speaking with the Swiss Federal Data and Protection and Information Commission, or FDPIC for short. However, it was revealed by the Swiss Regulator that Facebook’s claims are false and that they’ve yet to contact them about Libra.
The Head of Communications with the FDPIC, Hugo Wyler, stated: “We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra. We expect Facebook or its promoters to provide us with accurate information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence are given. In any case, we are following the development of the project in the public debate.”
David Marcus admitted to his false claim after the FDPIC revealed that he spoke inaccurately during a senate hearing.
Two Regulators Governing Libra
The Swiss Federal Data & Protection Information Commission are responsible for the regulation of Libra’s privacy & data guidelines. However, the Swiss Financial Markets Supervisory Authority will be the head regulator for Facebook’s Libra. The SFMSA has already confirmed that they’ve had lengthy discussions with the social media giant, which is where David Marcus could’ve been getting confused.
David Marcus was questioned harshly over Facebook’s data privacy concerns, which he wasn’t involved within any context. The senators noted serious data-relapses Facebook has had in the past and their fears regarding those same relapses occurring with Libra. An immediate hearing to resolve these issues is being held on Thursday, July 18th, 2019.
Sweden isn’t the only country looking to enforce Facebook’s libra coin vigorously. It was recently revealed that the United States of America wouldn’t accept an unregulated or unlicensed version of Libra. This information came from a tweet via Donald Trump, where he demanded that Facebook receive a banking license.