In finally realizing that these cryptocurrency “things” are really a big deal, Washington lawmakers are beginning to push legislation to regulate and legitimize cryptos. Several members of the house, in a bipartisan effort, plan to introduce bills that would prevent fraud and protect investors, all the while making sure the U.S. doesn’t fall behind (uh, further behind) the rest of the world. U.S Representative Warren Davidson, an avid crypto enthusiast, recently held a meeting with 32 crypto industry leaders to discuss how to ensure ICOs become part of the financial system. Cool! Movement is stirring, right? It’s a start, right?
Well don’t get me wrong it’s all positive, but here’s the reality for America. These bipartisan bills have no specifics but rather ask the CFTC (Commodity Futures Trading Commission) to come up with some insight and ideas on how to move forward. The SEC is already on record…..they HATE cryptos. And note, the Congressional sponsors are still using the term “ICO” when the globe has moved on to STOs (Security Token Offerings) and digital assets. So, there is positive movement but with endless meetings and divergent thoughts grinding through regulatory bodies, the U.S. will continue slipping further behind the world. Dig deeper below…….interesting.
(Bill Taylor/ Fintek Capital)
“Congress is getting more serious about cryptocurrency.
Members of the House plan to introduce two bills on Thursday to prevent fraud, protect consumers and make sure the country doesn’t fall behind as a leader in the global digital asset class.
The bipartisan bills don’t give specific recipes for how to achieve those goals. Instead, they ask the Commodity Futures Trading Commission to come up with recommendations.
“‘Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” Reps. Darren Soto, D-Fla., and Ted Budd, R-N.C., said in a statement. “That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.’…”
“Initial Coin Offerings (ICOs) promised new ventures into financing and technology. However, scams have put it on high alert for regulatory bodies. American bodies such as the Security and Exchange Commission (SEC) for example are keeping a close watch on ICO’s whether it be shutting them down, or even warning individuals who market them hoping for investors to fall in a trap.
Republican Congressman Warren Davidson believes otherwise and is pushing for a better way to regulate ICOs so that it survives in the long run. As the saying goes “If you can’t beat them, join them!’
Davidson is a Cryptocurrency enthusiast who has pushed not only for ICO regulation but also for Cryptocurrencies to progress in the U.S. In August 2018, Davidson invited 32 Cryptocurrency companies to Capitol Hill to discuss on ICO regulations. He confirmed that ICO regulation should have a ‘light-touch approach’ suggesting that ICOs are useful but need to come under specific regulations…”