Congressman Warren Davidson is looking to establish a “regulatory clarity” in the cryptocurrency market. This was done after a discussion between industry experts and lawmakers.
Davidson is planning to introduce a House bill which will pose as a “light touch” regulation for the complexity of the cryptocurrency market. This was discussed during Tuesday’s “Legislating Certainty for Cryptocurrencies” roundtable discussion with the fellow lawmakers. It also consisted of representatives from 50 cryptocurrency businesses and finance firms.
“Our republic has a colorful history of over-complicating and occasionally frustrating the very spirit of enterprise that built our free market economy into what it is today – the world’s land of opportunity. The latest iteration results from regulatory arbitrage in the area of digital currencies, more specifically Initial Coin Offerings.” – the freshman congress.
Davidson said that regulation will offer foresight as to how to solve problems and protect people from harm. This is because the blockchain and cryptocurrency technology has “outpaced current law and court decisions.”
“With a thoughtful, bipartisan approach that protects consumers, advances free market solutions, and defines safe-harbors for the earliest stage innovators, Congress can send a powerful message around the world that the U.S. is the best destination for ICO markets.” – Congressman Davidson
“There has to be something, I’m not a fan that we need a free-for-all. Even though I’m a blockchain company, I’m leaning on the side of there has to be some regulatory frameworks.:” Micheal Hiles, Owner, 10XTS (Cincinnati, Ohio).
Hills further commented that “If I have a token that is a share in a company, that’s very clearly a security. But if I have a token that unlocks some features in an application, and I want to pre-sell that token to the marketplace for access to my system and that token becomes freely trade-able on an open market – that people could freely buy and exchange these things – that’s really what’s at issue.”