Topic: [2018-12-05] US Congressman Announces Plans for Federal Cryptocurrency and ICO R (Read 188 times)
December 06, 2018, 07:30:48 PM
We've seen countless reports from all around the world about legislators making various proposals about legalization and regulation of cryptocurrencies, but so far there wasn't much voting - it seems like MP's are simply not interested in cryptocurrencies, and perhaps they don't want to spend their time researching them in order to make an educated decision.
December 06, 2018, 05:15:57 PM
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This is good for cryptocurrency i think the reason why bitcoin today is droppings
Because of many icos project are scamm putting regulation for the icos project i think they can manage avoiding scamm project
Thus can help for bitcoin price become stable again
Because of many icos project are scamm putting regulation for the icos project i think they can manage avoiding scamm project
Thus can help for bitcoin price become stable again
December 06, 2018, 02:42:53 PM
In any case, I view this information as very positive. In my opinion, it would be nice if the cryptocurrency did not apply to securities and no longer fell under the jurisdiction and influence of the Securities and Exchange Commission (SEC), which, I think, is too hostile to cryptocurrency. Davidson’s “light touch” rules regarding ICO regulation would be very useful. Cryptocurrency and ICO should be moderately regulated by the state and there should be a unified approach to the legal status of cryptocurrency.
December 05, 2018, 06:36:33 PM
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According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference. The bill would create an “asset class” for cryptocurrencies and digital assets, 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 U.S. crypto regulation. Currently, state regulatory agencies classify tokens differently in ways that place them under their jurisdiction.
This development would bring clarity to U.S. crypto regulation. Currently, state regulatory agencies classify tokens differently in ways that place them under their jurisdiction.
I've seen Davidson described as "crypto-friendly" but I'm not sure on the details. We'll have to wait to see what the actual bill looks like before passing judgment. More legal clarity on cryptocurrencies with regard to securities and commodities laws is inevitable, but I wouldn't expect too much from this guy. I'm pretty sure he's a political nobody so I wouldn't put the chances of passage very high either way.
December 05, 2018, 06:08:57 PM
Report: US Congressman Announces Plans for Federal Cryptocurrency and ICO Regulation
U.S. Rep. Warren Davidson (R) has announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings (ICOs), local Ohio news agency Cleveland.com reports Dec. 3.
According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference. The bill would create an “asset class” for cryptocurrencies and digital assets, 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 U.S. crypto regulation. Currently, state regulatory agencies classify tokens differently in ways that place them under their jurisdiction.
The Securities and Exchanges Commission (SEC) stance is that most cryptocurrencies are securities. The Commodity Futures Trading Commission (CFTC), on the other hand, treats cryptocurrencies as commodities.
In other words, the CFTC states that Bitcoin (BTC) has more in common with gold than with currencies or securities since it is not backed by a government and does not have liabilities attached to it. The Financial Crimes Enforcement Network (FINCEN), the agency managing anti-money laundering (AML) and know your client (KYC) standards, views crypto as money.
The U.S. Office of Foreign Assets Control (OFAC), which enforces economic sanctions, views crypto as money and blacklists wallets of sanctioned persons. Lastly, the Internal Revenue Service (IRS) treats cryptocurrencies as property, meaning that profits from selling them are subject to capital gains tax.
A group of U.S. Congressional representatives sent a letter in September to the SEC Chairman Jay Clayton calling for “clearer guidelines between those digital tokens that are securities, and those that are not.”
The same month, over 45 representatives of major crypto companies and Wall Street firms attended a Congressional roundtable discussion on cryptocurrency and ICO regulation. During meeting, which was hosted by Davidson, experts expressed concerns about a lack of regulatory clarity in the industry and discussed “token taxonomy.”
Davidson has previously demonstrated his support for the crypto industry, suggesting that the ICO market needs “light touch” regulation. A spokesman for the U.S. representative said in November that Davidson is working on a bill that, once law, would treat ICOs as products rather than securities at the federal and state level, effectively “sidestepping” security laws.
As Cointelegraph reported yesterday, seven Ohio funds will hand over $300 million to blockchain startups by the end of 2021. Of this money, $100 million will be invested by nonprofit JumpStart.
Reference: https://cointelegraph.com/news/report-us-congressman-announces-plans-for-federal-cryptocurrency-and-ico-regulation
U.S. Rep. Warren Davidson (R) has announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings (ICOs), local Ohio news agency Cleveland.com reports Dec. 3.
According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference. The bill would create an “asset class” for cryptocurrencies and digital assets, 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 U.S. crypto regulation. Currently, state regulatory agencies classify tokens differently in ways that place them under their jurisdiction.
The Securities and Exchanges Commission (SEC) stance is that most cryptocurrencies are securities. The Commodity Futures Trading Commission (CFTC), on the other hand, treats cryptocurrencies as commodities.
In other words, the CFTC states that Bitcoin (BTC) has more in common with gold than with currencies or securities since it is not backed by a government and does not have liabilities attached to it. The Financial Crimes Enforcement Network (FINCEN), the agency managing anti-money laundering (AML) and know your client (KYC) standards, views crypto as money.
The U.S. Office of Foreign Assets Control (OFAC), which enforces economic sanctions, views crypto as money and blacklists wallets of sanctioned persons. Lastly, the Internal Revenue Service (IRS) treats cryptocurrencies as property, meaning that profits from selling them are subject to capital gains tax.
A group of U.S. Congressional representatives sent a letter in September to the SEC Chairman Jay Clayton calling for “clearer guidelines between those digital tokens that are securities, and those that are not.”
The same month, over 45 representatives of major crypto companies and Wall Street firms attended a Congressional roundtable discussion on cryptocurrency and ICO regulation. During meeting, which was hosted by Davidson, experts expressed concerns about a lack of regulatory clarity in the industry and discussed “token taxonomy.”
Davidson has previously demonstrated his support for the crypto industry, suggesting that the ICO market needs “light touch” regulation. A spokesman for the U.S. representative said in November that Davidson is working on a bill that, once law, would treat ICOs as products rather than securities at the federal and state level, effectively “sidestepping” security laws.
As Cointelegraph reported yesterday, seven Ohio funds will hand over $300 million to blockchain startups by the end of 2021. Of this money, $100 million will be invested by nonprofit JumpStart.
Reference: https://cointelegraph.com/news/report-us-congressman-announces-plans-for-federal-cryptocurrency-and-ico-regulation
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