At 10:00 U.S. time on September 24, the U.S. held another hearing on Libra regulatory issues. The main purpose of this hearing was to ask the U.S. Securities and Exchange Commission (SEC) about Libra regulatory issues.
In addition to Libra, the protagonist of this hearing is Jay Clayton, chairman of the US Securities Regulatory Commission.In the hearing, Jay Clayton did not clearly disclose whether Libra would be regulated like securities.
Recently, Libra has encountered obstacles in Europe, and encountered joint countermeasures and encirclement by Germany, Europe and other countries. Supervision is a major difficulty facing Libra before its launch. Regulatory issues related to Libra are also a hot topic of discussion and debate in various countries.
At this hearing, the Financial Services Committee of the U.S. House of Representatives and the chairman and committee members of the Securities Regulatory Commission debated continuously。
Maxine Waters, chairman of the U.S. Congressional Finance Committee, hopes that the SEC will include Libra in regulation. Maxine Waters believes that the SEC has not fulfilled the mission of the "Wall Street Police", has not implemented any actions against Libra, and the regulations are not complete. He bluntly stated that the current "Securities Law" simply "doesn't work" in front of Libra.
U.S. Congressman Brad Sherman even called for preventing Facebook from issuing Libra. In his view, Libra is considered a mutual fund. Once Zuckerberg issues Libra, he will have the right to "print more money." Brad Sherman said bluntly:"Those who want to remove the power of the federal government are excited about digital currencies."
Regarding whether Libra will be included in the supervision as a security,Jay Clayton, chairman of the US Securities Regulatory Commission, said that it will not be here to make a decision on whether Libra is a security or not, it has to be decided based on how the asset works.
Immediately afterwards, Congressional Representative Al Green asked:“Libra actually has two products - Libra Coin and Libra Investment Token (investment token). Libra is supported by Libra Reserve, and Libra Reserve is managed by Libra Association,If members of the Libra Association invest in tokens for income, can they be regarded as securities? "
In addition to the definition of identity, Jay Clayton responded:“Whether Libra Coin and Libra investment tokens are securities needs to be further studied. If all these issues are tangled together, it is difficult to define a broader product.”
Jay Clayton, chairman of the US Securities Regulatory Commission, has also repeatedly revealed his regulatory attitude towards Libra. Jay Clayton believes that Libra makes more people pay attention to encrypted assets, but does not specifically evaluate a specific asset. In his opinion, Encrypted assets have benefits and risks. Although their form is consistent with securities, there are differences in the supervision of encrypted assets and securities supervision.
In addition, Jay Clayton also said that for Libra and Calibra, the US SEC is seeking broader digital asset regulation.
