February 22, 2024

Cryptocurrency Regulation Hearing Held In US Congress Next Week

House Financial Services Committee Schedules Hearing with SEC Chairmanand four other commissioners to discuss cryptocurrency regulation.


Chamber Financial Services CommitteeRepresentatives of the US Congress said it will hold a hearing on September 24 with the participation of Securities and Exchange Commission (SEC) Chairman Jay Clayton, as well as four other commissioners, including Hester Peirce. The hearing will address the issue of regulation of the cryptocurrency industry.

Financial Services Committee includedcryptocurrencies to the list of topics for discussion and noted that federal securities laws apply to stocks, bonds and investment contracts regardless of whether they are presented in traditional or digital form.

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

“Libra Investment Token may representsecurity, since it is intended for sale to investors in order 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 unclear whether investors will expect profits. ”

In mid-July in CongressThe US held a two-day hearing during which Calibra project manager David Marcus answered a number of questions from legislators about Libra. He managed to dispel some of the regulators’ doubts, but many questions remained open. At the end of July, it became known that Facebook may refuse to launch Libra due to regulatory pressure.