U. s. securities, the chief is not willing to tell you if Facebook is the Scale of security

WASHINGTON (Reuters) – the head of The U.S. Securities and Exchange Commission, have repeatedly refused to tell a congressional panel on Tuesday and Facebook’s Scale would have to be regulated as a security under its watch.

FILE PHOTO: A small piece of a toy figure standing on the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

Appear in addition to the other SEC commissioners before the House Financial Services Committee Chairman Jay Clayton has also said that he had discussed Facebook’s (FB.D) a digital currency is going to do with the social-media giant, he has an “open door” policy.

Asked directly if he believed this Scale would have a level of security, ” he said, “I do not wish to have to make a decision like that in here.”

The Swiss Scale of the Association), a non-profit organization, consisting of Facebook, and 27 other members, and in June, it announced that it intends to initiate and oversee the bathroom Scale, a digital currency that is backed by a reserve currency by 2020.

Clayton’s comments come as the monitor is facing mounting global pressure on the regulators.

France and Germany have pledged to block the Scale of the operation in Europe, and with the development of a public cryptocurrency instead.

The SEC also Clayton may play an important role in controlling the balance, and it has warned that the release of the other similar currencies that have contributed to the effects of the sacrifices that have to be dealt with.

Facebook says that it is a product which aims to make on-line payments, particularly within the geographical limits of the cheaper and more convenient. Libra managers have said that they have been involved in the process of all legislation to ensure its release.

On Tuesday, Clayton stressed that the use of such currencies shall be in accordance with the existing legislation, adding that he has a problem with the potential of digital assets, which can be from the rules.

“Cryptoassets, while the benefits are a large part of the risk, and, in particular, in the cases in which, in the form, they will be the same as the effects would be the same if the currencies are the same as in the payment systems, but they are not regulated in the same way,” he said.

Commissioner Hester Peirce, a Republican, who has spoken more favorably of cryptocurrencies, said: “I would like to see a little bit more forward thinking about the use of the utility’s tokens, which are services or units of services that can be digitally purchased.

“I hope that we will be able to create a sort of safe haven,” Peirce added.

Tuesday’s hearing was the first time since 2007, a congressional panel heard testimony from the entire complement of SEC commissioners and to the chairman of the agency’s control.

Reporting from Katanga Johnson, Pete Schroeder; Editing by Andrea Ricci)

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