Cryptocurrency Law: Potentially Game-Changing Federal ICO Bill Introduced

crypto law: congressman introduces ICO asset classification billRepresentative Warren Davidson announced plans to make crypto its own asset class at the Blockchain Solutions Conference. He’s drafted a federal law, and many industry players believe that the proposed legislation will provide much-needed clarity on the regulatory status of digital tokens.

US Lawmaker Introduces Crypto Bill To Clear Up The Confusion

Davidson hopes his plan will pave the way for reasonable government regulation that allows ICOs to prosper.

A longtime proponent of blockchain technology, Congressman Davidson once lamented that “current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere.”

If the bill makes its way into federal law books, the SEC could no longer classify ICOs as securities and eliminate the types of investigations currently hamstringing the industry.

Davidson’s bill is not the only one wending its way through Capitol Hill. Congressman Tom Emmer also has three pro-crypto proposals in play.

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