Cryptocurrency Regulation Hearing Held In US Congress Next Week

Cryptocurrency Regulation Hearing Held In US Congress Next Week

The House of Representatives Financial Services Committee has scheduled a hearing with the SEC chairman and four other commissioners to discuss cryptocurrency regulation.

The House of Representatives Financial Services Committee announced that it will hold a hearing on September 24 with the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, and four other commissioners, including Hester Peirce. At the hearing, the issue of regulating the cryptocurrency industry will be considered.

The Financial Services Committee has included cryptocurrencies on the discussion list and noted that federal securities laws apply to stocks, bonds, and investment contracts regardless of whether they are presented in traditional or digital form.

At the hearing, the ETF will also consider whether digital assets are considered securities or whether they can be exempted from the relevant laws, as well as the problems of regulating Libra cryptocurrency. The document says:

“Libra Investment Token may be a security because it is intended for sale to investors with the aim of financing the initial costs and providing them with dividends. The Libra token itself can also be a security, but Facebook does not intend to pay dividends, and it is unclear whether investors will expect profits. ”

A two-day hearing took place in the US Congress in mid-July, during which Calibra Project Manager David Marcus answered a series of questions from lawmakers regarding Libra. He managed to dispel some of the doubts of the regulators, but many questions remained open. In late July, it became known that Facebook could refuse to launch Libra due to pressure from regulators.