Rep Tom Emmer introduces bill to provide certainty for digital assets
source link: https://www.hodlalert.com/2021/07/15/rep-tom-emmer-introduces-bill-to-provide-certainty-for-digital-assets/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
The Security Clarity Act seeks to lessen regulatory burdens for blockchain-based technology.
U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law.
Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract asset.”
According to the release, this bill would provide a solution for those who have complied with current securities registration requirements or qualified for an exemption. After meeting these requirements, entrepreneurs would be able to distribute their assets without the fear of any additional regulatory burdens.
Emmer elaborated:
“There has been an unreasonable approach by regulators as to how federal securities laws should be applied to transactions involving the sale of blockchain-based tokens, and this lack of clarity is hurting American innovation. Between regulation by enforcement and the varying legal decisions regarding the classification of these assets, regulatory uncertainty has hindered the growth of blockchain technology, leaving many to take the technology overseas,”
The Securities Clarity Act is meant to be a technology-neutral bill, according to the representative. It would apply equally to all assets, tangible or digital, and states an investment contract asset, like a digital token, is separate and distinct from the offering it may have been a part of.
Congressman Soto explained:
“As Congress works to protect those who invest in this technology, the Securities Clarity Act will add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States. This is an important first-step in promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors,”
Emmer has stated his concern about regulation interfering with Americans benefiting from cryptocurrency before. At a hearing held in June by the US House committee on financial services, Emmer said:
“Over the last few years I’ve been fortunate to meet with many great crypto and blockchain innovators. A common refrain during our discussion is that they so badly want to develop their crypto and blockchain ideas right here in the United States. But they don’t because of continuing uncertainty with crypto regulation.”
Related: Bitcoin sell-off continues as BTC nears $31K ahead of Powell’s speech
The introduction of this bill comes one day after the Chairman of the Federal Reserve Jerome Powell spoke to the House of Representatives about the need for stricter regulation for stable coins.
Recommend
-
150
Certainty - CA-Cert Automation for PHP Projects Automate your PHP projects' cacert.pem management. Read the blog post...
-
83
I won't mince words: There is an epidemic of PHP software that disables certificate validation when using cURL...
-
146
Version 1.0.0
-
53
I learned long ago never to wrestle with a pig. You get dirty and besides the pig likes it. – G. B. Shaw (misattributed) That’s all well and good except I’m pretty senior now. Suddenly part of my job is wi...
-
55
Release Version 2.5.0 · paragonie/certainty · GitHub
-
70
“It can now be said with certainty that Samsung has cancelled the WQHD 120Hz option of the Galaxy S20 series, leaving only FHD 60Hz, FHD 120Hz, WQHD 60Hz. this means that we can't have the best resolution and the best refresh rate at the same t...
-
12
Search For CertaintySearch For CertaintyMay 11, 2020Content warning for a medical discussion.Ten days ago, my cat started acting weird. He stopped eating and sleeping, he only wanted to...
-
6
InfoQ Homepage
-
12
For Fun Bitcoin’s 2020: The Rise Of Certainty by WizardofAus ...
-
8
Proposed ‘Crypto Bill’ set to reform digital assets in the US August 25, 2021 by Editor's Desk
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK