U.S. Congressman Garcia: Libra may still be considered a security after adjustments.

Recently, Houston City Council member and House Financial Service Committee member Garcia expressed his views on the latest version of the Libra project. He pointed out that despite updates to Libra, its essence remains to derive value from multiple currencies, and thus it can still be regarded as a security under the Howey test standards. Garcia emphasized that the latest adjustments to Libra did not fundamentally change the security attributes of its stablecoin.

Regarding the latest announcement from the Libra Foundation, Garcia stated: "There are still many unanswered questions, including why this cryptocurrency needs to be developed and how it will affect the global economy and consumers. I will continue to monitor this matter to ensure that any assets that comply with current securities laws receive appropriate regulation from the SEC."

This statement shows that despite the ongoing adjustments and improvements of the Libra project, regulators and policymakers remain vigilant and closely monitor its development trends. Garcia's comments reflect the ongoing concerns of some government officials regarding cryptocurrency projects, particularly in terms of their potential impact on the existing financial system and consumer rights.

As cryptocurrency and blockchain technology continue to evolve, finding a balance between innovation and regulation will remain an important issue. Regulators need to protect investor interests while also leaving appropriate space for the development of new technologies. In the future, whether projects like Libra can gain the approval of regulators will largely depend on how they address these concerns and demonstrate their value and security.