Once it is a security it is subject to all the regulations that govern securities.
Most importantly, it would be regulated by American authorities (not Swiss as Facebook wanted) if any American used Libra.
So the focus is back to regulate what facebook started and now a new bill is proposed, these corporate big shots have the power to bend the rules if they want to come up with something and i hope this is what they will be looking and the US will have major control over the project to track each and every transaction. How these regulation and the token will come out will take a long time and by that time we will have another rally in bitcoin.