The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to foreign media reports today, the U.S. House Financial Services Committee
Committee) plans to submit questions to the U.S. Securities and Exchange Commission (SEC) next week on a range of issues including cryptocurrencies and Facebook’s Libra project.

Image source: Pixabay

According to a calendar notice on the House website, the committee will hold a hearing on September 24 in the Rayburn House office building, with SEC Chairman Jay Clayton
Clayton, Commissioners Robert Jackson, Elad Roisman, Allison Lee
Lee and “Crypto Mom” Hester Pierce.

The hearing will cover SEC actions surrounding the cryptocurrency space, as well as private versus public markets; public company disclosures; enforcement; and fiduciary responsibilities.

While the announcement did not specify what areas the Commission might focus on, it did note that the SEC's use of the Howey test
test), released an analysis report on whether tokens are investment contracts, including the general definition of exchange-traded funds (ETFs).

"An exchange-traded fund (ETF) is a type of investment company that can be redeemed by the fund like a mutual fund, but also allows investors to trade at market prices on an exchange throughout the day," the notice said.

“If an asset is an investment company and is not exempt from registration, it must comply with regulations designed to minimize conflicts of interest, including regular disclosure to investors of its financial condition and investment policies.”

The SEC is currently examining Bitwise Asset Management and Wilshire
Two Bitcoin ETF proposals submitted by Phoenix (earlier this week, VanEck and SolidX withdrew a third ETF proposal).

Libra is worrisome

The notification also concerns Facebook’s Libra crypto project, which was first announced in June 2019. Libra, as envisioned, will act as a stablecoin, backed by a basket of global currencies, which currently includes the U.S. dollar, euro, Japanese yen, British pound and Singapore dollar.

The cryptocurrency will be governed by a 100-member council, 28 of which have signed provisional accession agreements (notably, Facebook and its subsidiary Calibra are two of them). The Libra Association will be headquartered in Geneva, Switzerland, but Financial Services Committee Chairwoman Maxine Waters, D-Calif.,
Waters expressed unease with the plan.

Thursday’s notice hinted that Libra’s token could be subject to security concerns.

Libra Investment Token
Token) may amount to a security in that it is intended to be sold to investors to cover startup costs and provide them with dividends. The Libra token itself may also be a security, but Facebook does not plan to pay dividends, and it is unclear whether investors will have "reasonable profit expectations." However, the issuance of Libra could be integrated into the Libra investment token (Libra
Investment Token), therefore both are considered securities. "

The notice concluded: “Like ETFs, Libra will be redeemable by certain authorized dealers and bought and sold on the open market.”

In July this year, the U.S. House of Representatives Financial Services Committee held a hearing specifically on the Libra issue, and just the day before, the U.S. Senate Banking Committee also held a hearing. At the time, lawmakers criticized Facebook’s head of blockchain and Calibra CEO David Marcus.
Marcus raised questions about how the project would work, whether it would impact the U.S. or global economy, and other areas of concern.