The US Congress and the SEC discuss cryptocurrencies
The United States Congress scheduled a meeting with the Securities and Exchange Commission (SEC) to discuss the crypto ecosystem for this Tuesday
After a memorandum issued on September 19th by the Financial Services Committee of the House of Representatives, it was agreed to hold a meeting next Tuesday entitled “Supervision of the Exchanges and Securities Commission: Wall Street’s Cop on the Beat”. The intention is to establish a regulatory system around active crypto and the status of ICOs.
After evaluating the index of new crypto projects active in the market, Congress has highlighted the need for clear and adequate regulation. In this sense, the House Representatives have raised questions to ask SEC about cryptocurrencies like Facebook Libra, among other topics of interest in the world of crypto assets.
It is important to note that the reasons for the Congress to discuss are due to the intention that Libra has in developing two cryptocurrencies: a stablecoin and another intended to return the rewards to Libra investors, indicating that the digital currency could generate implications for the complementary token.
According to a statement published on the Chamber’s website, the following is expressed: “Libra investment token could be a security, as it is intended to be sold to investors to finance the initial costs and provide them with dividends. The Libra token itself can also be a security, but Facebook does not intend to pay dividends and it is not clear if investors would have a ‘reasonable expectation of earnings’. However, Libra offer could be integrated into the offer of its token investment, which would consider both values.”
K.Villarroel
Source: bitcoin.es
