Members of the American House of Representatives have prepared a bill designed to protect users of “managed stablecoins”.
Members of the US House of Representatives Silvia Garcia and Lance Gooden introduced a bill recognizing “managed stablecoins” as securities. It will help protect holders of cryptocurrencies such as the Facebook-developed Libra project, the description of the document says.
“Managed stablecoins, such as Libra, are securities in accordance with applicable law. This document clarifies the law in order to eliminate any ambiguity. Providing clarity in the regulatory structure of these digital assets protects consumer rights and ensures proper government control in the future” – said Garcia.
Silvia Garcia noted that the status of Libra as a security under the current legislation is “obvious”. According to Congresswoman, the investor should know that he can trust the company behind the financial assets.
On october 24, Mark Zuckerberg spoke to the US Congress. The head of Facebook insisted that the development of the Libra payment system is necessary to strengthen the financial leadership of the United States. Zuckerberg added that the company will leave the project if it does not receive the approval of financial regulators.