US Congress Schedules Sept. 24 Hearing With SEC With Crypto on Agenda

The United States House of Representatives Committee on Financial Services has scheduled a hearing, titled “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat,” with Securities and Exchange Commision (SEC) Chairman Jay Clayton and four other SEC commissioners to discuss cryptocurrency next week.

According to a memorandum published, the hearing would also look into Facebook’s proposed launch of its own cryptocurrency, Libra.

The Committee on Financial Services has included cryptocurrencies on its list of topics for discussion and points out that the federal securities laws apply to securities — including stocks, bonds, and investment contracts — regardless of whether they are digital.

The hearing will touch upon Exchange-Traded Funds (ETFs), whether or not digital assets are a security or exempt from securities law, and of course Facebook’s planned launch of its stablecoin Libra in 2020.

On the list of the items to be discussed are cryptocurrencies as well as stocks, bonds and investment contracts (both digital and traditional). Exchange-traded funds (ETFs) will also be discussed in the hearing.

Facebook CEO Mark Zuckerberg is making the rounds with policymakers in Washington, D.C. to discuss “future internet regulations,” most recently with Senator Josh Hawley. He also had dinner with a handful of U.S. lawmakers, where he faced intense scrutiny over the Libra project.

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