The regulators in the US are considering reportedly approving a new law, primarily looks to put Facebook’s Libra under the jurisdictional power of the US SEC. 

Specifically, Sylvia Garcia and Lance Gooden – 2 representatives for the state of Texas – have put a new bill up for finalization, which would give way for more thorough regulatory examination of the controversial Libra project, along with other projects involved. 

The new bill – dubbed “Managed Stablecoins are Securities Act of 2019” – looks to provide the final definition of the Libra stablecoin, as well as other stablecoins similar, which “are clearly securities under existing law”, according to Garcia. 

“This legislation simply clarifies the statute to remove any ambiguity. Bringing clarity to the regulatory structure of these digital assets protects consumers and ensures proper government oversight going forward.” 

Rep. Gooden – another supporter of the bill – claimed that the Congress should be in charge of the task to provide regulatory clarity and framework, for all types of stablecoins. He believed that the new bill will shine necessary lights to the nature of the financial assets consumers are associating with. 

Meanwhile, pro-Libra individuals argued that stablecoin is not a security. In July 2019, head of Facebook Calibra shared his remarks, dismissing Libra to be treated as a security or exchange-traded fund, but rather commodity.