The U.S. House Financial Services Committee plans to question the Securities and Exchange Commission (SEC) about cryptocurrencies and Facebook’s Libra project next week, among a host of other topics.
According to a calendar notice on the House of Representatives’ website, the committee will hold a one-panel hearing with SEC Chairman Jay Clayton, as well as Commissioners Robert Jackson, Elad Roisman, Allison Lee and “Crypto Mom” Hester Pierce on Sept. 24 in the Rayburn House Office Building.
The hearing will cover the SEC‘s actions around the cryptocurrency space, as well as private markets vs. public markets; public company disclosures; enforcement; and fiduciary responsibilities.
While the notice does not specify which areas the committee might focus on, it does note that the SEC published its analysis of whether a token is an investment contract using the three prongs of the Howey test, and it includes a general definition of exchange-traded funds (ETFs).
“Exchange-Traded Funds (ETFs) are a type of investment company, which can be redeemed by the fund like mutual funds, but also allow investors to trade throughout the day on an exchange at market prices,” the notice reads, adding:
“If an asset is an investment company and not exempt from registration, it must comply with regulations designed to minimize conflicts of interest, including regular disclosure of their financial condition and investment policies to investors.” Source...