Members of the United States Congress Warren Davidson is planning to introduce new legislation that will create a new unique asset class for cryptocurrency. And he found support from Bobby Lee, who hired Twitter to follow the thought proposed by the deputy.
Bill could obtain regulatory clarity against cryptocurrencies and ICOs
As some media sections reported that the US Congressman from Ohio was planning to introduce a bill that could create a new class of activity for cryptocurrencies and those of ICO, Bobby Lee took on Twitter to give a positive judgment to this thought. According to Lee, Bitcoin and cryptocurrencies (as opposed to tokens) must be designated as a new asset class as this is the path to follow for them and would help them grow in a very regulated manner
Yes, I am fully on agreement. #Bitcoin and true cryptocurrency (as opposed to tokens) should indeed be designated as a completely new asset class. This is the only way forward. https://t.co/aYJaP4Skk9
– Bobby Lee (@bobbyclee) 6 December 2018
The news was reported by Cleveland.com that the Republican of the 8th district states that he wants to introduce legislation in the House of Representatives that would create a new, unique class of activity for cryptocurrencies and the first offers of coins (ICO) ), allowing a clearer path for government regulation. The bill would prevent the encrypted assets from being classified as securities and would authorize the federal government to "regulate the initial coin offerings more effectively".
It was not the first time that the Member had submitted a request for the legitimization and regulation of blockchain technology. He was part of a group of US lawmakers who had written a letter to the SEC in September 2018, asking for more clarity on regulations before the confusing technology companies began to leave the country. The letter of what he had declared
"The current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately determine business elsewhere." We believe the SEC could do more to clarify its position ".
The legislation has not yet been introduced, but it should soon become public, said Davidson, who announced his plans at the Blockland Solutions conference, held in downtown Cleveland. Davidson was also quoted saying
"What this does for entrepreneurs is that it gives people the chance to raise capital in a different way"
The news also indicated that although the conference focuses on uses outside the cryptocurrency, the main point is how blockchain can be used in government. Governor-elect Jon Husted spoke on Sunday evening about how blockchain technology can be incorporated into InnovateOhio, a plan to modernize Ohio's governance processes.
Well, regulatory clarity is always welcome in the cryptography industry as it provides a direction to encrypt business by drawing a line between what is legal and illegal. The definition of a class of activity for cryptos will protect them from being defined as titles and would effectively lead to better regulation that would act as a catalyst for the growth of the encrypted.
Will we soon see an asset class designated for cryptocurrencies? Let us know your opinions on the same
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