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The US report, Warren Davidson (R), announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings (ICO), Ohio's local news agency, Cleveland.com , December 3rd.
According to Cleveland.com, Davidson announced its intention to introduce new legislation to the Blockchain Solutions conference. The bill would create a "asset class" for cryptocurrencies and digital resources, which "would prevent them from being classified as securities, but would also allow the federal government to regulate initial coin offerings more effectively".
This development would bring clarity to the encryption of the United States. Currently, state regulatory agencies classify tokens differently in ways that place them under their jurisdiction.
The position of the Securities and Exchanges Commission (SEC) is that most cryptocurrencies are securities. The Commodity Futures Trading Commission (CFTC), on the other hand, considers cryptocurrencies as raw materials.
In other words, the CFTC states that Bitcoin (BTC) has more in common with gold than with currencies or securities because it is not supported by a government and has no liabilities associated with it. The financial crime network (FINCEN), the anti-money laundering agency (AML) and the customer standard (KYC), considers encryption as a currency.
The US Office for the Control of Foreign Goods (OFAC), which applies economic sanctions, considers encryption as portfolios of money and black lists of sanctioned persons. Finally, the Internal Revenue Service (IRS) treats cryptocurrencies as property, which means that profits from their sale are subject to capital gains tax.
A group of representatives from the United States Congress sent a letter in September to SEC President Jay Clayton asking for "clearer guidelines among those digital tokens that are titles".
The same month, more than 45 representatives of the major encryption companies and companies of Wall Street took part in a round table discussion on cryptocurrency and ICO regulation. During the meeting, which was hosted by Davidson, the experts expressed concern about the lack of regulatory clarity in the sector and discussed the "taxonomy of tokens".
Davidson has already shown his support for the crypto industry, suggesting that the ICO market needs "light touch" regulation. A spokesman for the United States representative said in November that Davidson is working on a bill that, once the law, would treat ICOs as products rather than securities at the federal and state levels, "bypassing" security laws.
As reported by Cointelegraph, seven Ohio funds will deliver $ 300 million to blockchain startups by the end of 2021. Of these funds, $ 100 million will be invested by non-profit JumpStart.
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