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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.