United States’ Congress schedules new meeting with SEC officials to discuss cryptocurrencies

Recently, Bitcoin was in the spotlight after the Securities and Exchange Commision’s (SEC) Chairman, Jay Clayton, said that the digital gold would be required to be regulated, before it and a host of cryptocurrencies can be traded on a major exchange. In more news, the U.S Congress has now announced scheduling a meeting with SEC officials over the issue of crypto-assets, among other issues.

The panel meeting will be held between members of the U.S Congress and SEC board members such as Chairman Jay Clayton and four other influential SEC Commissioners.

With a surge in crypto-adoption across the globe, cryptocurrencies have made it to the top of the list for discussions between board members. Other topics for discussion will include traditional stocks and bonds, as well as investment contracts. Also, the hearing will brush over Exchange-Traded Funds (ETFs). Here, it is important to note that Bitcoin ETF was considered as a breakthrough for mainstream adoption if VanEck and SolidX’s proposal for the same had been approved by the SEC, before it was recently withdrawn.

Moreover, the discussion will also cover Facebook’s Libra, a crypto-project that is meant to launch next year. The memorandum from the U.S House of Representatives’ Committee on Financial Services revealed specific details,

“The Libra Investment Token could amount to a security since it is intended to be sold to investors to fund startup costs and would provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear if investors would have a reasonable expectation of profits.”