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Senators Sylvia Garcia  and Lance Gooden from Texas  would position the Libra digital coin  under the Securities and Exchange Commission’s jurisdiction This would mean that the cryptocurrency would have to adhere to an extensive and well-established set of regulations.

They have named the  new bill the  “Managed Stablecoins are Securities Act of 2019″.

Garcia said:

Bringing clarity to the regulatory structure of these digital assets protects consumers and ensures proper government oversight going forward

Senator Gooden then  added:

In what are called ‘managed stablecoins’, we have trusted brands marketing digital assets to consumers as secure and stable

Everyday investors need to know they can trust the issuers behind their financial assets. This bill would bring them the security they deserve by applying the laws we use to regulate financial securities to this new breed of digital currencies

Libra has come under some serious scrutiny recently, especially after Mark Zuckerberg stood before the senate. Now it seems the Texans could have this new bill passed. There has been no date set for this bill so we will have to wait and see if it is passed.