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Warren Davidson, a US representative from Ohio recently announced a plan to introduce new regulations for cryptocurrency and ICO industry through the federal government. Second Cleveland.com of on December 3, 2018, Hamilton hopes that these potential regulations can help the financial sector grow.
Promising Republican politician for potential regulations
There are currently unclear rules regarding the rules of the US federal government regarding the ability of a company to raise funds through ICO. While the US Securities Exchange Commission (SEC) is breaking down on fraudulent OIC, the lack of clarity on token sales represents a significant obstacle to the future of finance and innovation.
On 28 September 2018, Representatives of the United States Warren Davidson, Ted Budd, Tom Emmer, Darren Soto and Ted Budd, along with 11 other co-signers required for President Clayton to clarify how the SEC is approaching the ICO industry.
"We believe the SEC could do more to clarify its position," the letter said. "Furthermore, we are concerned about the use of control alone to clarify policies and believe that a formal orientation can be an appropriate approach to clarify the legal uncertainties that are causing the environment to develop innovative technologies. in the United States to be unnecessarily bristling ".
SEC uncertain about how to classify ICOs
Many members of the cryptocurrency sector remain confused and are still debating whether an ICO is a security offer. Second to Axios, Jay Clayton mentioned in the past that ICOs are a form of fundraising that attempts to exploit the liquidity of public marketing by a public offering but lacks clear information, seen in a private fund raising.
On the other hand, William Hinman said that "ether is not security", a topic that derives from the fact that while the underlying Ethereum network has achieved a significant level of decentralization, it does not work like titles existing. SEC Commissioner Hester Pierce also agreed that it will not declare all tokens as securities as they may change over time.
ICO industry leaders discuss the regulations
Despite the confusion, Davidson invited more than 30 ICO leaders in September to discuss potential rules and guidelines for industry. He has invited many industry players from venture capital companies who are actively investing in cryptocurrencies like Andreessen Horowitz and Union Square Ventures, as well as cryptocurrency and traditional exchanges like Kraken, Circle, Intercontinental exchange and Nasdaq. Other members include non-profit organizations such as Coin Center and other cryptocurrencies and linked to securities such as Ripple, CoinList and Harbor.
While Davidson's office is discussing potential regulations with the SEC, the president's position regarding the invoice is not clear. Davidson is however confident that the cryptocurrency industry will finally have a guide and rules to support the growing ICO community. He announced his plans on Monday 3 December 2018 at the Blockland Solutions Conference in Cleveland.
