U.S. Congressman: Social Media Platform's Digital Money Projects Still Fall Under Securities Category, Calls for SEC to Strengthen Regulation

Recently, a lawmaker from Houston, Texas, expressed his views on the latest adjustments made to a large social media platform and its digital money project. The lawmaker, who is also a member of the House Financial Service Committee, pointed out that despite the updates made to the project, its essence remains to derive value from multiple coins, and therefore it can still be considered a security under the howey test.

The legislator believes that the latest version of the project does not fundamentally change the securities nature of its stablecoin. He emphasized that there are still many unanswered questions regarding why there is a need to develop such digital money and how it will impact the global economy and consumers.

The congressman stated that he would continue to ensure that the Securities and Exchange Commission (SEC) can regulate such assets in accordance with current securities laws. This position reflects the regulatory agency's ongoing focus on emerging financial technologies and its efforts to seek a balance between innovation and regulation.

As cryptocurrency and blockchain technology continue to evolve, how to define and regulate these new financial instruments has become an important challenge faced by global regulatory bodies. The statement from the legislator may spark broader discussions on how to find the right balance between protecting consumer interests and promoting financial innovation.

This event once again highlights the complex regulatory environment faced by digital money projects during their advancement. Both project initiators and regulatory agencies need to carefully balance innovation, compliance, and public interest. In the future, the development trajectory of similar projects may have a profound impact on the global financial landscape.