I believe this is a good improvement, they are talking crypto seriously.
This bill even if will not be approve, we already have a good start and the good that the government is already seeing crypto that has a potential
to disrupt the current financial system. More regulation in the future, I don't know what will comes first, but everyone is looking for pro crypto law.
It's important that crypto will be regulated so adoption will increase more..
Topic: IT’S HAPPENING - Both sides of US Congress Unite & submit MAJOR Pro-Crypto bill! (Read 256 times)
April 15, 2019, 05:47:21 AM
April 13, 2019, 11:51:52 PM
I agree with the skeptics here. A couple of congressmen drafting legislation is not enough to make drastic changes necessarily, but it's a good start. At the state level, progress is being made, such as in Wyoming, where Cardano will be moving its headquarters.
However, the fact that there are congressmen on our side, as well as a commissioner of the SEC in Hester Pierce ("Crypto Mom"), shows that we are building momentum and it's only a matter of time before the tide shifts in our favor. As more of these politicians dabble in cryptos, we will see them change their tune.
However, the fact that there are congressmen on our side, as well as a commissioner of the SEC in Hester Pierce ("Crypto Mom"), shows that we are building momentum and it's only a matter of time before the tide shifts in our favor. As more of these politicians dabble in cryptos, we will see them change their tune.
April 13, 2019, 05:39:25 PM
Warren Davidson (Republican) and Darren Soto (Democrat) are behind the bill
These are not influential congressmen. I wouldn't get your hopes up.
However, a bill authored and introduced by members of both parties will require politicians to actually look into what it's about.
You'd think so, but bipartisan bills get shot down all the time. My read of the bill is that it's too taxpayer-friendly and investor-friendly. I think it'll be fought hard on the issues of consumer protection and tax issues like the like-kind exchange provision and the $600 exemption on exchanges for goods and services.
I believe even if they don't understand the technical aspects, the core concept is quite simple: using regulations written in 1945 and applying it to technology invented in 2008 is absurd.
It's not that absurd. In the US, the laws affecting cryptocurrency are pretty lax. As for security tokens, it's not clear to me why they should be exempt from securities laws if other securities aren't.
April 13, 2019, 04:29:26 PM
In any case, this is very good news for cryptocurrencies. Already, they alone can push up prices in the cryptocurrency market. The SEC Commission has recently been a deterrent in the development of cryptocurrency. At the same time, the systemic fight against fraud in the activities of ICO was not conducted. It seems that the situation may change for the better. Hopefully, the proposed bill will be passed.
April 13, 2019, 02:33:46 PM
The ETF will still be a great hindrance to the passage of this bill, and let not celebrate too early as we all know how slow government process can be so this bill still require lots of time before it passage.
April 13, 2019, 02:32:25 PM
Regulations are not always good. The article says that cryptos will not be treated as securities anymore, and SEC will not be the authority to regulate them. I think this is good, because many cryptos are indeed nothing like securities, and SEC being the key regulator made them kind of outlawed. While it's clearly positive that cryptos won't be treated as securities there anymore, it is not mentioned how they are going to be treated instead. Money? Commodities? And the taxation is probably going to change as well if the bill passes, but will it truly be a better thing and encourage firms to operate in this country?
April 13, 2019, 02:19:15 PM
It will still take time and a long series of debate. We all know how skeptical and how primp the Us government is when it comes to passing a certain bill. Every politician has their own views about cryptocurrency and they also have their own opinions. Both parties would do a series of research but pro-crypto enthusiasts should know how to defend their side.
April 13, 2019, 01:36:59 PM
This is only a proposal. I think this is a long process because many angle that the congress will talk and debate about cryptocurrency. But once this bill will approve it is a big opportunity of bitcoin because all we know that US is the leading country in the world so it can influence other countries to use and accept crypto.
It would indeed still a long process to take for this Bill to be signed.Lots of debates and meetings would be held yet lots of factors to be considered first or need to be discussed by all parties on what would be the things that will be affected if they do let it pass.
April 13, 2019, 11:12:02 AM
The US Congress is full of politicians, that are don't really care about the economics or just don't have the necessary education to make their own expert views about economic statement of a country. That doesn't mean they are retarded but now, democrats and republicans can use this pro-bitcoin law and get more support from people.
Why not? That can happen.
Why not? That can happen.
April 13, 2019, 05:59:16 AM
Most crypto friendly lawyers and professional from industry are saying that legislation is very poor and is still leaving many doubts
USA regulators have a lot of problems to create friendly regulation on other hands they have to show that they are doing something regarding cryptocurrencys and blockchain
USA regulators have a lot of problems to create friendly regulation on other hands they have to show that they are doing something regarding cryptocurrencys and blockchain
April 13, 2019, 05:40:02 AM
I doubt that they will approve this proposed bill. This will take a few years before it can be passed or even they just submit this bill and let it sleep because they can't agree on some terms regarding this bill.
April 13, 2019, 05:14:02 AM
This is only a proposal. I think this is a long process because many angle that the congress will talk and debate about cryptocurrency. But once this bill will approve it is a big opportunity of bitcoin because all we know that US is the leading country in the world so it can influence other countries to use and accept crypto.
April 12, 2019, 10:54:12 PM
Here's my full report on how I think this will play out.
But I can appreciate and enjoy hearing any good arguments in the other direction, so if you disagree let me know.
...but be specific!
Why the new pro-cryptocurrency bills WILL PASS and become law...
There's several bills coming down the pipeline, and if passed they could take the cryptocurrency markets to places we've only imagined.
We've heard time and time again - institutional investors and Wall Street are coming, so where the hell are they? It is true we've had countless announcements from big institutional players saying they're entering the cryptocurrency space, one after the other saying they're setting up various new cryptocurrency based operations.
What they leave out of those announcements is also the reason the markets haven't turned bullish following this news. These firms want in - but the money is on hold until the regulations are clear. That clarity is what these bills would finally bring.
Warren Davidson (Republican) and Darren Soto (Democrat) are behind the bill at it's inception and it solves the biggest issues US based cryptocurrency investors and project developers have faced over the last year.
The bill states that tokens shall no longer be defined as 'securities' and therefore shouldn't have to follow the same guidelines as investments such as stocks, it also makes clear what needs to be reported for tax purposes, and what doesn't.
It officially frees the emerging technologies of blockchain and cryptocurrencies from it's current state - bound to outdated laws passed in the 1940's. To put that in perspective, the first color TV was sold in 1954 - but cryptocurrencies in the United States are being regulated with laws written nearly a decade before that.
Another bill that's even further along in the process is House Resolution 528 which addresses laws regarding the transferring of money - and frees cryptocurrency from them. This bill has already been officially introduced.
But none of this matters if the bills can't pass. I believe they will - let's go through each step of the process.
BIPARTISAN INTRODUCTIONS:
The bill is written by 1 Republican and 1 Democrat.
Do you ever feel like elected officials from each party just looks to see if an idea is presented by the opposing party, and if it was - then they're against it?
However, a bill authored and introduced by members of both parties will require politicians to actually look into what it's about.
I believe even if they don't understand the technical aspects, the core concept is quite simple: using regulations written in 1945 and applying it to technology invented in 2008 is absurd. They don't need to understand much more than this to know this bill is vital to keeping America competitive in the global marketplace.
THEY'VE GATHERED WIDE SUPPORT FOR CRYPTOCURRENCY ONCE BEFORE:
The first move in the right direction began with these same congressmen issuing an official letter to the SEC requesting their clarification regarding how they will regulate ICOs, back in September of this year.
It used bold language, clearly stating their concern that the SEC was using "a heavy-handed regulatory approach that could stall innovation" when it came to cryptocurrency.
They submitted this letter with 14 signatures in total, from a variety of both Democrats and Republicans. I think it's reasonable to assume we can expect these same officials to also be supporters of this bill when it comes time to vote.
THE BITCOIN BOOGIEMAN IS DEAD:
The days of people hearing "bitcoin" and thinking it's just the official currency of everything evil are behind us.
With companies such as Bakkt, owned by the New York Stock Exchange, Starbucks, and Microsoft entering the cryptocurrency space, and 99% of news stories being on the topic of it's price and fundamentals, not drugs purchased online - the public perception has changed drastically.
Before casting a vote, government officials may even want to check with other agencies to see if this new perception is true.
If they do, they'll find reports from people like Special Agent Lilita Infante of the US Drug Enforcement Administration (DEA). The report states that in the 5 years of monitoring illegal activity using cryptocurrencies - they've seen a dramatic drop.
Those 5 years began with them suspecting up to 90% of cryptocurrency transactions were for illegal purchases. Today that's 10% and still dropping.
NO LONGER JUST WATCHING FROM A DISTANCE:
I clearly remember the feeling I would get when I heard there would be any kind of hearing that included the topic of cryptocurrency. Wondering if anyone has ever actually sat down with our elected leaders and given them at least a basic overview of what cryptocurrency even is.
Finally, now roaming the halls of congress are people representing the cyptocurrency and blockchain industry.
The US Blockchain Association is backed by funding from the top exchanges and blockchain startups, and it's only existed since September of this year.
If a member of congress expresses their opposition to the bill, it's their job to set up a meeting, to help guide them in the right direction and correct any misconceptions.
Those who vote in support of bills that fuel the industry's growth can likely expect some help when it comes time to funding their next campaign.
Like it or not, this is how the game is played. Many people, myself included see this as long overdue. We may not be in the position we are now if these efforts had begun earlier.
IT ALL ENDS ON THE DESK OF A PRESIDENT, WITH A CRYPROCURRENCY ADVOCATE AT HIS SIDE:
If what i've said so far turns out to be correct - the final step is the bill arriving to the White House where it needs it's final signature of the President before becoming law.
Once again, there's reason to believe the bill will pass this final step.
That's because 2019 kicked off with cryptocurrency supporter Mick Mulvaney as President Trump's new Chief Of Staff.
Mulvaney is a former congressman - actually, he's the first member of congress to accept Bitcoin campaign donations.
He was also the author of two bills - 1108 and 7002, which urged officials to take a reasonable regulatory approach to the cryptocurrency markets, and make smart contracts legally binding equal to a signature on paper.
IN CLOSING:
There's one final point I always try to mention when writing on the subject of regulations, because there's a common misconception that things like this bill would suddenly turn the cryptocurrency markets into a lawless wild west for investors, and somehow make things easier for the bad apples and scam ICOs. That is not the case. It always has, and always will be illegal to lie in order to get other people's money - that's called fraud.
With that said, I just cannot look at all of the factors above and come to any other conclusion - the odds are in our favor!
____________________________________
From https://www.globalcryptopress.com/2019/01/the-new-pro-cryptocurrency-bills-coming.html
But I can appreciate and enjoy hearing any good arguments in the other direction, so if you disagree let me know.
...but be specific!
Why the new pro-cryptocurrency bills WILL PASS and become law...
There's several bills coming down the pipeline, and if passed they could take the cryptocurrency markets to places we've only imagined.
We've heard time and time again - institutional investors and Wall Street are coming, so where the hell are they? It is true we've had countless announcements from big institutional players saying they're entering the cryptocurrency space, one after the other saying they're setting up various new cryptocurrency based operations.
What they leave out of those announcements is also the reason the markets haven't turned bullish following this news. These firms want in - but the money is on hold until the regulations are clear. That clarity is what these bills would finally bring.
Warren Davidson (Republican) and Darren Soto (Democrat) are behind the bill at it's inception and it solves the biggest issues US based cryptocurrency investors and project developers have faced over the last year.
The bill states that tokens shall no longer be defined as 'securities' and therefore shouldn't have to follow the same guidelines as investments such as stocks, it also makes clear what needs to be reported for tax purposes, and what doesn't.
It officially frees the emerging technologies of blockchain and cryptocurrencies from it's current state - bound to outdated laws passed in the 1940's. To put that in perspective, the first color TV was sold in 1954 - but cryptocurrencies in the United States are being regulated with laws written nearly a decade before that.
Another bill that's even further along in the process is House Resolution 528 which addresses laws regarding the transferring of money - and frees cryptocurrency from them. This bill has already been officially introduced.
But none of this matters if the bills can't pass. I believe they will - let's go through each step of the process.
BIPARTISAN INTRODUCTIONS:
The bill is written by 1 Republican and 1 Democrat.
Do you ever feel like elected officials from each party just looks to see if an idea is presented by the opposing party, and if it was - then they're against it?
However, a bill authored and introduced by members of both parties will require politicians to actually look into what it's about.
I believe even if they don't understand the technical aspects, the core concept is quite simple: using regulations written in 1945 and applying it to technology invented in 2008 is absurd. They don't need to understand much more than this to know this bill is vital to keeping America competitive in the global marketplace.
THEY'VE GATHERED WIDE SUPPORT FOR CRYPTOCURRENCY ONCE BEFORE:
The first move in the right direction began with these same congressmen issuing an official letter to the SEC requesting their clarification regarding how they will regulate ICOs, back in September of this year.
It used bold language, clearly stating their concern that the SEC was using "a heavy-handed regulatory approach that could stall innovation" when it came to cryptocurrency.
They submitted this letter with 14 signatures in total, from a variety of both Democrats and Republicans. I think it's reasonable to assume we can expect these same officials to also be supporters of this bill when it comes time to vote.
THE BITCOIN BOOGIEMAN IS DEAD:
The days of people hearing "bitcoin" and thinking it's just the official currency of everything evil are behind us.
With companies such as Bakkt, owned by the New York Stock Exchange, Starbucks, and Microsoft entering the cryptocurrency space, and 99% of news stories being on the topic of it's price and fundamentals, not drugs purchased online - the public perception has changed drastically.
Before casting a vote, government officials may even want to check with other agencies to see if this new perception is true.
If they do, they'll find reports from people like Special Agent Lilita Infante of the US Drug Enforcement Administration (DEA). The report states that in the 5 years of monitoring illegal activity using cryptocurrencies - they've seen a dramatic drop.
Those 5 years began with them suspecting up to 90% of cryptocurrency transactions were for illegal purchases. Today that's 10% and still dropping.
NO LONGER JUST WATCHING FROM A DISTANCE:
I clearly remember the feeling I would get when I heard there would be any kind of hearing that included the topic of cryptocurrency. Wondering if anyone has ever actually sat down with our elected leaders and given them at least a basic overview of what cryptocurrency even is.
Finally, now roaming the halls of congress are people representing the cyptocurrency and blockchain industry.
The US Blockchain Association is backed by funding from the top exchanges and blockchain startups, and it's only existed since September of this year.
If a member of congress expresses their opposition to the bill, it's their job to set up a meeting, to help guide them in the right direction and correct any misconceptions.
Those who vote in support of bills that fuel the industry's growth can likely expect some help when it comes time to funding their next campaign.
Like it or not, this is how the game is played. Many people, myself included see this as long overdue. We may not be in the position we are now if these efforts had begun earlier.
IT ALL ENDS ON THE DESK OF A PRESIDENT, WITH A CRYPROCURRENCY ADVOCATE AT HIS SIDE:
If what i've said so far turns out to be correct - the final step is the bill arriving to the White House where it needs it's final signature of the President before becoming law.
Once again, there's reason to believe the bill will pass this final step.
That's because 2019 kicked off with cryptocurrency supporter Mick Mulvaney as President Trump's new Chief Of Staff.
Mulvaney is a former congressman - actually, he's the first member of congress to accept Bitcoin campaign donations.
He was also the author of two bills - 1108 and 7002, which urged officials to take a reasonable regulatory approach to the cryptocurrency markets, and make smart contracts legally binding equal to a signature on paper.
IN CLOSING:
There's one final point I always try to mention when writing on the subject of regulations, because there's a common misconception that things like this bill would suddenly turn the cryptocurrency markets into a lawless wild west for investors, and somehow make things easier for the bad apples and scam ICOs. That is not the case. It always has, and always will be illegal to lie in order to get other people's money - that's called fraud.
With that said, I just cannot look at all of the factors above and come to any other conclusion - the odds are in our favor!
____________________________________
From https://www.globalcryptopress.com/2019/01/the-new-pro-cryptocurrency-bills-coming.html
April 11, 2019, 12:30:43 PM
The main question is whether the US Gov't will really approve such a bill. The gov't had been pretty much neutral when it comes to talks regarding cryptocurrencies and its related regulations lately so this particular bill, IMO will be a vital turning point to see whether the US Gov't really is open into legalizing cryptocurrencies and designating them into an official asset class finally. It seems that different governments from all over the world are looking into legalizing bitcoin and other cryptoassets fully.
And taxes will come after, surely.
And taxes will come after, surely.
Well if they do support it then a lot of countries around the world will follow for sure. Really good news so far. We'll see if it passes or not, we're not really in a hurry right now i believe. It could pass right now or in three years, for example.
Taxes have to come because then governments will truly have a good reason to approve it since it can help improve the wealth of the country and it's growth rate. That is really important from their point of view and it should be for practically all citizens. The best economic health your country is having the better quality of life you can have in comparison to the other countries.
April 11, 2019, 08:43:04 AM
The main question is whether the US Gov't will really approve such a bill. The gov't had been pretty much neutral when it comes to talks regarding cryptocurrencies and its related regulations lately so this particular bill, IMO will be a vital turning point to see whether the US Gov't really is open into legalizing cryptocurrencies and designating them into an official asset class finally. It seems that different governments from all over the world are looking into legalizing bitcoin and other cryptoassets fully.
And taxes will come after, surely.
And taxes will come after, surely.
April 11, 2019, 08:21:35 AM
I am not as optimistic as you are about the bill getting passed currently. After the whole ETF fiasco in recent times, it is difficult to believe that the government would whole-heartedly support this bill which goes against their aim of regulating the crypto market.
April 11, 2019, 04:41:57 AM
Quote
US Congress Members From Both Parties Unite, And Officially Submit Most Powerful Pro-Cryptocurrency Bill Of Them All!
(From The Global Crypto Press Association Newsfeed) - As the reporter who broke the story months ago (read "Exclusive: US Congress members to submit major pro-cryptocurrency bill" article here) I've been following the progress of the Token Taxonomy Act closely - it's a bill that solves the regulatory uncertainty issue once and for all, and that has huge implications for the market.
Those plans we shared months ago, just went into action! The bill is officially submitted to Congress, and the first step of becoming law is now underway.
For those catching up, here's everything you need to to know:
"...the bill would implement the one vital and important change the markets truly need for a full-on comeback, by giving tokens their proper legal classification, and thus allow US citizens once again to have the freedom to fully participle in the markets.
In the US cryptocurrencies are being legally classified 'securities' so oversight of them goes to the Securities Exchange Commission (SEC). The Token Taxonomy Act takes this on directly and removes the 'security' classification, and the SEC oversight."
To understand why this is so important, you need to understand how awful the current regulatory situation is:
"Cryptocurrency and blockchain technology are often mentioned alongside Artificial Intelligence and IOT technology as the 'cutting edge' tech of our time - but cryptocurrency is the only one being held back by government regulations written in the 1940's.
While cryptocurrencies are intended to be freely exchanged, the laws surrounding them are so outdated they were written for the stock market at a time when stocks were traded on paper certificates. In fact, the hot new technology when these regulations were written - color TV."
Not just something nice for crypto traders - the US has suffered some real economic damage in the meantime:
"Companies involved in the cryptocurrency space that began in the US packed up and left, taking the jobs with them. When a company leaves - no more tax revenue for the state and federal government either.
No one wanted to risk building something that could be torn down the next day - even if they conducted honest ethical business. The law meant that a company based around a cryptocurrency could still be shut down - simply for existing as an 'unlicensed security'."
It's always important to note the following, because if there is an attack on the bill it will be from this angle - but it does NOT make things easier for scammers and fraudulent ICOs. Fraud is illegal, lying to investors is illegal - this does not change if cryptocurrencies are no longer classified as a security.
The only change we imagine in this regard is that the CFTC would likely be the agency pressing these fraud charges instead of the SEC - as crypto changes from a security and to a commodity.
Now the next big question is - will it pass?
I believe YES, it will - I've outlined in depth why it looks like this bill will be met with approval at every step of the process in another report titled "Why the new pro-cryptocurrency bills WILL PASS and become law..." you can read that here.
Next we can expect Congressional committees will examine the bill in depth, suggest possible amendments, then it goes up for a vote. This process can take weeks or months, depending on the levels of support or opposition.
(From The Global Crypto Press Association Newsfeed) - As the reporter who broke the story months ago (read "Exclusive: US Congress members to submit major pro-cryptocurrency bill" article here) I've been following the progress of the Token Taxonomy Act closely - it's a bill that solves the regulatory uncertainty issue once and for all, and that has huge implications for the market.
Those plans we shared months ago, just went into action! The bill is officially submitted to Congress, and the first step of becoming law is now underway.
For those catching up, here's everything you need to to know:
"...the bill would implement the one vital and important change the markets truly need for a full-on comeback, by giving tokens their proper legal classification, and thus allow US citizens once again to have the freedom to fully participle in the markets.
In the US cryptocurrencies are being legally classified 'securities' so oversight of them goes to the Securities Exchange Commission (SEC). The Token Taxonomy Act takes this on directly and removes the 'security' classification, and the SEC oversight."
To understand why this is so important, you need to understand how awful the current regulatory situation is:
"Cryptocurrency and blockchain technology are often mentioned alongside Artificial Intelligence and IOT technology as the 'cutting edge' tech of our time - but cryptocurrency is the only one being held back by government regulations written in the 1940's.
While cryptocurrencies are intended to be freely exchanged, the laws surrounding them are so outdated they were written for the stock market at a time when stocks were traded on paper certificates. In fact, the hot new technology when these regulations were written - color TV."
Not just something nice for crypto traders - the US has suffered some real economic damage in the meantime:
"Companies involved in the cryptocurrency space that began in the US packed up and left, taking the jobs with them. When a company leaves - no more tax revenue for the state and federal government either.
No one wanted to risk building something that could be torn down the next day - even if they conducted honest ethical business. The law meant that a company based around a cryptocurrency could still be shut down - simply for existing as an 'unlicensed security'."
It's always important to note the following, because if there is an attack on the bill it will be from this angle - but it does NOT make things easier for scammers and fraudulent ICOs. Fraud is illegal, lying to investors is illegal - this does not change if cryptocurrencies are no longer classified as a security.
The only change we imagine in this regard is that the CFTC would likely be the agency pressing these fraud charges instead of the SEC - as crypto changes from a security and to a commodity.
Now the next big question is - will it pass?
I believe YES, it will - I've outlined in depth why it looks like this bill will be met with approval at every step of the process in another report titled "Why the new pro-cryptocurrency bills WILL PASS and become law..." you can read that here.
Next we can expect Congressional committees will examine the bill in depth, suggest possible amendments, then it goes up for a vote. This process can take weeks or months, depending on the levels of support or opposition.
From https://www.globalcryptopress.com/2019/04/its-official-us-congress-members-from.html
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