The US Congress sets hearing with SEC on September 24: Libra to take center stage
- The SEC chairman Jay Clayton and four other commissioners expected at the hearing on Tuesday.
- Facebook’s Libra is likely to be label as a security token in the discussions.
The chairman of the United States Securities and Exchange Commission (SEC) Jay Clayton and four other commissioners are set to appear before the House of Representatives Committee on Financial Services in a hearing scheduled for September 24. A memorandum from the Committee on Financial Services on Thursday mentioned the hearing is dubbed the “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.”
On the list of the items to be discussed are cryptocurrencies as well as stocks, bonds and investment contracts (both digital and traditional). Exchange-traded funds (ETFs) will also be discussed in the hearing.
Taking center stage will be the proposed digital asset by the social media giant Facebook. Besides, a section of the document says:
“The Libra Investment Token could amount to a security since it is intended to be sold to investors to fund startup costs and would provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear if investors would have a “reasonable expectation of profits.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
