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Silvia Garcia: "the updated Libra should still be considered a security»

Silvia Garcia: “the updated Libra should still be considered a security»

Us Congresswoman Silvia Garcia believes that the” updated ” Libra still falls into the category of securities and does not give answers to the questions raised by the previous version of the coin.

This was stated By Sylvia Garcia in her address to the us securities and exchange Commission (SEC). Last week, Libra developers presented an “improved” White paper of the project, according to which the cost of the base LBR cryptocurrency will be calculated on the basis of four stablecoins linked to the us and Singapore dollars, euros and British pounds. Each of these stablecoins will be provided with a monetary equivalent in the corresponding Fiat currency.

Garcia believes that even the” edited ” technical document does not provide answers to many of the questions that regulators had about the previous version of Libra. According to her, Facebook’s management decided to “just leave them unanswered.” Also, Garcia is interested in why the social giant Facebook decided to develop its own cryptocurrency.

“Facebook and the Libra Association had the opportunity to make a compelling case in support of their project and address the concerns of regulators. Unfortunately, they chose to ignore the issues that needed to be discussed. Therefore, we will continue to work with the SEC to ensure that any such digital assets are regulated in accordance with current securities laws,” Garcia said.

Note that after the publication of the new Libra White paper, the project was joined by the international non-profit organization Heifer International. In a blog post, the organization said it works with the world’s poorest farmers to help them increase production, increase income, and enter new markets. According to Heifer International, the main obstacles farmers face are lack of access to credit and high interest rates. The organization believes that the Libra concept will contribute to the creation of an economical and affordable financial system, as well as help to eradicate poverty.

Recently, an economist from Monash University in Melbourne, John VAZ, said that if Libra “gets through the regulatory nightmare”, it will become the largest competitor to bitcoin.