US Congress Raises Questions to the SEC on Libra, Cryptocurrency and “The Whole Blockcha…

On September 24, 2019, The House Financial Services Committee (HFSC) conducted a hearing named “Oversight of the Securities And Exchange Commission: Wall Street’s Cop On The Beat.” This hearing provided a good opportunity for the five commissioners of the Securities and Exchanges Commission (SEC) to have a public meeting while also appearing as witnesses before the Committee in the House of Representatives. The Democrats thereby got an opportune moment to have a discussion on Facebook’s Libra and other digital currencies, the moot point of the discussion being how the SEC might regularize these cryptocurrencies acting almost like the “Big Tech’s Cop on the Beat.”

The SEC is an autonomous agency of the Federal Government of the United States and is entrusted with enforcement of federal securities laws, amending or passing securities laws, regulating the rules and securities industry as well as the stock exchanges. It also regulates the electronic securities market. In…