Crypto news

US regulators are looking at designating Facebook’s Libra ‘stablecoin’ as a security, and therefore subject to SEC regulations.

Unsurprisingly the crypto Association disagrees, arguing Libra is a commodity!

.

.

.

.

.

.

Crypto news

.

US regulators are looking at designating Facebook’s Libra ‘stablecoin’ as a security, and therefore subject to SEC regulations.

.

Unsurprisingly the crypto Association disagrees, arguing Libra is a commodity!

.

Two Texas representatives — Lance Gooden and Sylvia Garcia — have proposed a piece of legislation that will classify stablecoins as securities. Named as the “Managed Stablecoins are Securities Act of 2019.”

.

This bill, which is sponsored by representatives from both sides of congress, could place an even greater regulatory burden on stablecoin projects like Libra.  Rep. Garcia remarked: “managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”

.

It looks as though the SEC are keen to become the regulator of the crypto world, and I for one, think they will get their way.