Quote from: alyssa85 on November 22, 2019, 12:56:30 PM

https://www.cnbc.com/2019/11/21/new-bill-would-make-facebooks-cryptocurrency-a-security-under-the-law.html

Quote

A new bill called the Managed Stablecoins are Securities Act of 2019 would make Facebooks libra cryptocurrency a security under the law.

A bipartisan team of representatives introduced the bill on Thursday, which could bring greater regulation to Facebooks libra if passed.

The legislation follows Facebook CEO Mark Zuckerbergs October hearing in front of the House Financial Services committee. One of the representatives introducing the bill said she was disappointed with his answers during the testimony.

Two members of the House Financial Services Committee, Reps. Sylvia Garcia, D-Tex., and Lance Gooden, R-Tex., proposed the Managed Stablecoins are Securities Act of 2019 on the day of a committee hearing on the role of big data in financial services. Garcia explicitly called out libra in a statement announcing the bill, saying that it and other managed stablecoins are clearly securities under existing law.

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.

This new bill really made it difficult for Libra and the company's formation rate has been greatly reduced. If everything was controlled by the government, it would be like Libra soon. Every transaction is subject to the government and under strict examination, the company will not be able to develop sustainably. because it will happen many problems during transactions and customers will also encounter many problems in authentication. this is really a bad news!

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