August 12, 2020

Cryptocurrency Regulation Hearing Held In US Congress Next Week

US House of Representatives Financial Services Committee Schedules Hearing with SEC Chair and four other commissioners to discuss cryptocurrency regulation.

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House Financial Services CommitteeThe U.S. Congress spokesman said it would 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.

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. ”

US Congress passed in mid-Julya two-day hearing 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.

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