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  • Writer's pictureMichael Bacina

US Congress and SEC book a date

Updated: May 2

The US Congress will be meeting with 5 U.S. Securities and Exchange Commission Commissioners on 24 September 2019 - part of those discussions will be likely to involve #Blockchain and Libra Association planned Libra cryptocurrency.

Key quote from Congress' briefing note:

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.” However, the offer of Libra could be integrated into the offering of the Libra Investment Token, thereby deeming both securities.

Libra, of course, has been positioning itself as a payment network which uses fully backed token.  The outcome of the meeting will be interesting.

Heath Behncke Luke Behncke Rob Morris Jonathan Hooker Dr Philippa Ryan Dr. Adrian McCullagh Ph D. (IT Sec), LL.B., GAICD.


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