The legislation follows Facebook CEO Mark Zuckerberg's October hearing in front of the House Financial Services committee. One of the representatives introducing the bill said she was "disappointed" with his answers during the testimony.
Two members of the House Financial Services Committee, Reps. Sylvia Garcia, D-Tex., and Lance Gooden, R-Tex., proposed the "Managed Stablecoins are Securities Act of 2019" on the day of a. Garcia explicitly called out libra in a statement announcing the bill, saying that it and other managed stablecoins "are clearly securities under existing law."
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