A Hearing With US Congress & SEC On Crypto Coming On 24th September

US-Congress-&-SEC-On-Crypto-Coming-On-24th-September

There is now a meeting in the schedule between four members of the “Securities and Exchange Commission” and of the “US House of Representatives Committee on Financial Service” to discuss cryptocurrency among other topics. Members of the SEC include the chairman Jay Clayton along with four other commissioners.

This comes in the wake of the US taking a hard stance about cryptocurrencies, especially after Facebook announcing their Libra project.

The “Committee on Financial Services” has officially stated in a memorandum from 19th September about holding a hearing on the 24th of September.

The members of the SEC included for this one-panel hearing will be the chairman of the “Securities and Exchange Commission” Jay Clayton with commissioner Hester Peirce, also knows as Crypto Mom, among three other commissioners.

Libra Coin Could Possibly Turn out to be Security

Cryptocurrencies have been included in the “Committee on Financial Services” list of topics for discussion, after Libra coin stirring the waters. And it has also been pointed out by the body that federal security laws apply to all securities which include bonds, investment contracts, and stocks whether they are digital or not.

The hearing will also discuss ETFs or Exchange-Traded Funds, and whether digital assets traded online through systems can be considered a security or not or if they are spared from the securities law, and, as one might expect, the cryptocurrency stable coin Libra’s planned launch by Facebook in 2020.

The memorandum also states that the Libra token could possibly become security as it is meant to be sold to fund startup costs by investors and provide them with dividends. But Facebook does not plan on paying any dividends so it is still uncertain if investors should expect reasonable amounts of profits.

Zuckerberg’s Washington DC Tour Continues

On 19th September, Cointelegraph reported about the CEO of Facebook, Mark Zuckerberg, still making rounds with policymakers around Washington DC. It is reported that these meetings are held between Zuckerberg and the lawyers to discuss the ‘future Internet regulation’.

His most recent meeting has been with Senator Josh Hawley. Although he had faced intense criticism over the Libra project, he continues to tap on opportunities to discuss these with other US lawmakers.