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US Congress and SEC to discuss Libra immediately after launch of Bakkt

The next Tuesday, September 24, the day after the long-awaited launch of the Bakkt platform, the House of Representatives Financial Services Committee and the Securities and Exchange Commission (SEC) will discuss the status of Libra cryptocurrency and exchange-traded funds (ETFs)

Since cryptocurrency has always been a concern of the Financial Services Committee, it is not surprising that it is a priority at the upcoming meeting. The committee has always emphasized the fact that federal securities laws apply to all securities, including investment contracts, bonds and stocks, whether they are digital or not.

“The Libra token can be a security, as it is intended for sale to investors in order to finance the initial costs and provide them with dividends. The Libra token itself can also be a security, but Facebook does not intend to pay dividends, and it is unclear whether investors will have a “reasonable expectation of profit,” the Committee said in a document.

Facebook founder and CEO Mark Zuckerberg takes strategic steps in Washington to ensure the success of his stablecoin. Today, the views of the entire economic world are aimed at the announced stable Libra coin, but not everyone likes what it will be like. Germany and France have already stated that they will not allow any “alternative currencies” on their market and called Libra a threat to the sovereign fiat currency of the EU.


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Afroz Ahmad