Along with the chairman of SEC, Mr. Jay Clayton, and accompanying 4 more SEC commissioners, the US House of Representatives Committee has planned a meeting with an agenda to discuss financial services including Crypto and other investment services. That was bound to happen since the US financial authorities and lawmakers have been wary after the announcement of Facebook’s Libra.
The news was confirmed by the memorandum published on the 19th of September. The committee stated that the hearing is going to be held on the 24th of September.
One of the panel discussions would have the SEC commissioner Jay Clayton along with commissioner Hester Pierce who is also known as crypto mom accompanying rest of the 3 commissioners.
Libra’s Threat to Security
There are much of regulators and policymakers, who have continuously shown their concern over Libra. They believe Libra has the potential to dominate government currencies. And the thought is supported by the dominance of Facebook over the Internet.
As of 2019, Facebook had 2.4 billion active users in July. And moreover, it has support from giant companies like Uber, Vodafone, and Visa for its upcoming venture Libra placed in Switzerland.
For security, the committee has added cryptocurrencies in their agenda, and will also emphasize on the security laws implementation on stocks, investment contracts, and bonds, whether they are digital or not.
The point of discussions will revolve around online-traded funds and exchanges, following the applicability of security laws on digital assets, including the stable coin Libra’s launch by Facebook in 2020. The shared document emphasizes once again that Libra’s launch is a security concern.
Concern Prevails for Facebook CEO Mark Zuckerberg
Facebook CEO Mark Zuckerberg had been continuously meeting policymakers in Washington DC, intending to grab information for upcoming regulatory policies for the Internet field. He recently met Senator Josh Hawley.
On the 19th of September, Zuckerberg and other US lawmakers had dinner discussing the future of Libra and its effects over the US dollar and other major national currencies.