Facebook’s Libra should be regulated like a security, says former CFTC Chair

The CFTC Chair from 2009-2014 Gary Gensler says Facebook's Libra should be regulated like a security with some banking features per a written statement proceeding his oral hearing before House Financial Services Committee. Gensler says holders of Libra will earn a net return based on interest classifying it as a security.

“As currently proposed, the Libra Reserve, in essence, is a pooled investment vehicle that should at a minimum, be regulated by the Securities and Exchange Commission (SEC), with the Libra Association registering as an investment advisor.”