Sylvia Garcia and Lance Gooden introduced a bill defining Libra and other stablecoins as securities and aimed at strengthening their control.
According to Gooden, the bill called “Managed Stablecoins are Securities Act of 2019” clearly defines the status of stablecoins and brings clarity to the regulation of digital assets, as well as aims to protect investors. Gooden stressed that this bill will give cryptocurrency investors a more informed understanding of what financial assets they acquire.
“What is commonly called stablecoins are actually digital assets from well-known brands that claim that their assets are stable and secure. Investors need to be confident in the stability of these assets, and our bill will give them this confidence by carefully monitoring the financial security of this new category of digital currencies,” Gooden said, adding that stablecoins should be regulated in accordance with current securities laws.
Facebook does not agree with the opinion of lawmakers that the Libra stablecoin is a security, but is ready to leave the project if it does not receive regulatory approval. Telegram is also in the position of “resistance”, which believes that the sale of Gram tokens does not violate US laws. This month, Telegram filed a new petition to the court to dismiss the us securities and exchange Commission (SEC) lawsuit banning the sale of Gram tokens.