U.S. Rep. Warren Davidson of Ohio announced a plan to regulate cryptocurrency and initial coin offerings through the federal government.
The bill would create an “asset class” for tokens, which would prevent them from “being classified as securities, but would also allow the federal government to regulate initial coin offerings more effectively,” Cleveland.com reported.
Pro-Crypto Wheels Already In Motion
Meanwhile, there are a lot of wheels in motion in Washington, D.C. geared toward promoting the mainstream adoption of cryptocurrencies.
In September 2018, Republican Congressman Tom Emmer introduced three bills that will support the development of crypto and blockchain, the technology underpinning bitcoin.
The three bills are:
Resolution Supporting Digital Currencies and Blockchain Technology.
Blockchain Regulatory Certainty Act.
Safe Harbor for Taxpayers with Forked Assets Act.
Emmer — who is co-chairman of the Congressional Blockchain Caucus — said the United States should prioritize the development of blockchain and create an environment that will enable the private sector to lead on innovation.
“This is an exciting time for blockchain technology and cryptocurrencies,” said Emmer. “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”