New bipartisan bill would classify ‘managed stablecoins’ as securities

Facebook’s Libra, along with many other stablecoins, could be classified as securities and subject to increased regulatory scrutiny if a group of lawmakers get their way.

Two members of the House Financial Services Committee, U.S. Reps. Sylvia Garcia (D-Texas) and Lance Gooden (R-Texas), on Thursday introduced new legislation called the “Managed Stablecoins are Securities Act of 2019.” The goal of the bill, according to the press release, is to “protect consumers against certain cryptocurrencies, such as Facebook Libra Project.”

“Everyday investors need to know they can trust the issuers behind their financial assets,” Gooden said in a statement. “This bill would bring them the security they deserve by applying the laws we use to regulate financial securities to this new breed of digital currencies.” Read More...


Antminer Banner.png