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The US Congress is considering a draft proposition claiming that stablecoins are securities



The US Congress is considering a draft bill that states that all controlled stablecoins must be viewed as investment contracts and therefore as securities.

Libra in the United States

United States Representative for Texas '29. congressional district Sylvia Garcia introduced a draft proposal to the House Financial Services Committee on October 18. Proposed Bill, & # 39; & # 39; The Stablecoins are Securities Act of 2019 & # 39; & # 39; seeks to regulate the Stabecoins under the Securities Act of 1933. This involves "amending statutory definitions of term security" to include the term "managed stablecoins."

The proposed The bill appears to be aimed at Facebook's Libra stablecoin, which is scheduled to be launched in 2020. Lawmakers around the world weigh in on the discussion of stablecoins, such as Libra, and its perceived threat to the global economic system.

Cointelegraph reported today that Facebook founder Mark Zuckerberg, scheduled to testify before the US Congress on Wednesday plans to say that Libra will not start anywhere in the world until US regulators approve it.

Libra around the world

Recently G7 ̵

1; the finance ministers and central bank governors that they would not allow any global stack coin to be launched without taking the associated challenges and risks

Similarly, the Global Monetary Watchdog, the Financial Action Task Force (FATF), expressed its concern over Facebook's weights and other stack coins, and argued that mass adoption of such currencies could hinder efforts to detect and stamp money laundering and terrorist financing .

Regulating Weight as Security

In an interview with Cointelegraph Friday 18. In October, United States Representative Warren Davidson, known for his role in the author of the Token Taxonomy Act, said that the weight is ultimately classified as a security and therefore falls under the SEC.

Recognizing today's draft proposition concern for a stack coin managed by a company, Davidson said, "It has nothing to do with stack coins. It has to do with whether it is a central authority that can change it." added:

"It's the opportunity to destroy your value […] And in that sense when you put all your faith in the value of that symbol of the actions of a central authority, that's where I tend to agree with Jay Clayton. It looks a lot like a security. "


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