The head of the U.S. Securities and Exchange Commission repeatedly refused to te...
WASHINGTON - The head of the U.S. Securities and Exchange Commission repeatedly refused to tell a congressional panel on Tuesday whether or not Facebook’s Libra would be regulated as a security under his watch.
Appearing alongside other SEC commissioners before the House Financial Services Committee, Chairman Jay Clayton said that while he had not yet discussed Facebook’s digital currency plan with the social-media giant, he has an “open door” policy. The Swiss-based Libra Association, a non-profit organization comprising Facebook and 27 other members, announced in June that it plans to launch and oversee Libra, a digital currency backed by a reserve of currencies, in 2020.France and Germany have pledged to block Libra from operating in Europe and back developing a public cryptocurrency instead.
Facebook says the product aims to make online payments - especially across geographical borders - cheaper and easier. Libra executives have said they are committed to addressing all regulatory concerns before launch.
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