The Twin Cities, Minnesota Congressman Tom Emmer is introducing a bill to provide certainty for digital assets like cryptocurrency. The Emmer-James bill would provide clear rules of the road for cryptocurrency transactions. The bill would provide the CFTC with the same authority it has over futures trading to ensure financial institutions do not engage in unfair, deceptive, or abusive practices in the digital currency markets. The bill would also provide the CFTC with the ability to limit the size of trading positions in digital currency futures contracts.
Minnesota Congressman Tom Emmer introduced an amendment today to the Financial CHOICE Act, which addresses the confusion surrounding digital assets and provides certainty for investors. Chairman Emmer’s amendment preserves the Securities Investor Protection Act, which gives investors rights when their cryptocurrency investments are seized or frozen.
The 15th. In July, representatives of the U.S. Congress introduced a bipartisan bill that aims to provide a clear definition of assets such as digital tokens and other emerging technologies within current securities laws.
The bill, known as the Security Clarity Act, was introduced by Representatives Tom Emmer (R-MN), Darren Soto (D-FL) and Ro Khanna (D-CA). This legislation seeks to change the definition of the term, which has been used for over 75 years. The status of any asset sold as an investment contract becomes an investment contract asset.
According to the press release, the bill would provide relief for those who have met current securities registration requirements or qualify for an exemption. Once these conditions are met, entrepreneurs can distribute their assets without fear of additional regulatory burdens.
Regulators have taken an unreasonable approach to how federal securities laws should apply to blockchain-based token transactions, and this lack of clarity is hurting American innovation. Between law enforcement regulations and various legal decisions regarding the classification of these assets, regulatory uncertainty has hindered the growth of blockchain technology, forcing many to take the technology overseas.
According to the spokesperson, the Securities Industry Clarification Act should be a technology-neutral law. It would apply equally to all assets, tangible or digital, and states that an asset resulting from an investment contract, such as. B. a digital token, is separate from the offer to which it may have belonged.
MP Soto said:
As Congress works to protect those who invest in this technology, the Securities Clarity Act will add essential definitions and case law to provide certainty for a robust market for digital assets in the U.S. This is an important first step to encourage innovation and maximize the potential of virtual currencies for the U.S. economy while protecting the financial well-being of customers and investors,
Emmer has previously expressed concern that regulation is keeping Americans from profiting from cryptocurrencies. During a hearing of the Financial Services Committee of the U.S. House of Representatives in June, Emmer said:
Over the past few years, I’ve been lucky enough to meet many great innovators in the field of cryptocurrencies and blockchain. During our conversation, we often talked about their eagerness to develop their cryptocurrency and blockchain ideas here in the US. But they won’t, because of the current uncertainty over the regulation of cryptocurrencies.
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The introduction of the bill comes a day after Federal Reserve Chairman Jerome Powell spoke before the House of Representatives about the need for stronger regulation of stablecoins.
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