US Congressmen propose to assign the stablecoin of Mark Zuckerberg to securities. For the project, this may be another obstacle on the part of regulators on the way to launch.
The idea of lawmakers
As cryptocurrency news previously reported, Texas politicians, Lance Gooden and Sylvia Garcia, have passed a bill to classify stable tokens as securities. So, all projects related to stablecoins, such as Libra, fall under the strict rules applicable to securities in America. This in turn becomes another challenge for the Facebook project. Also, experts see this as a threat to the whole country in the further development of the cryptocurrency industry.
The head of the communication department of the Libra Association commented on the proposed bill, so that “Libra is just a proxy for the instant payment system.” Until the project is launched, it is still not clear which tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details will be used, since this fall the association hinted that it might refuse from its initial creation of a single coin supported by a basket of national currencies in favor of a fixed-link stablecoin.
- The Libra Association released on Friday an update for developers, which says that the Facebook cryptocurrency project has been running for "five months and is gaining strength."