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Popular Congressman Wants SEC’s Crypto Jurisdiction Eliminated

Samantha Mitchell

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The decision of Jared Polis to leave Congress and seek the Colorado gubernatorial position might affect the cryptocurrency market, especially in Washington DC. Both material and moral support for the cryptocurrency market might be lacking following the decision that was taken by this senior Bitcoiner in the region.

Why Congress Plays a Senior Role

While the financial arena in this country is largely controlled by bureaucrats who aren’t elected, all employees and agencies of the federal government, in the end, answer to Congress including its purse strings. It is believed that it’s only the unelected bureaucrats who also make rash decisions when it comes to innovative technologies such as the virtual coin and blockchain. Warren Davidson, the newly-elected Ohio Rep is reportedly opposed to the regulations that might have a certain strangling effect on the economy. This Republican from the eighth district Ohio state is particularly opposed to the regulations that have been pushed to the Initial Coin Offering market as well as the cryptocurrency market.

Discussing The Issues Facing The Market

Davidson Warren has forever remained committed to what led to the restricting of repressive regulations at the Federal level. He had earlier invited a team of crypto companies to the Capitol Hill so that they can have a discussion on the current situation on the ground. On September 25th, Davidson office released a press release terming his earlier stance as just favoring light touch regulation. According to a representative from Mr. Davidson’s office, they would be introducing a bill soon, even though the timeline was not set. Out of the remainder of the year, Congress just have few days left for work, and therefore it would be safe to expect something in the coming year. Owing to the number of days left before the year ends, it might be unreasonable to expect anything this year.

About The Bill

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Davidson plans to introduce a bill that will exempt all Initial Coin Offerings from the legislation of securities. This will be done by legally defining these securities as products. This would enable them to skirt a number of regulations that currently bedevil the traders in the virtual currency market. In addition to that, the bill would seek to add different types of costs to the market, for instance, the securities lawyers. So far, Davidson has not been able to name any co-conspirators in his planned financial system legal hack. And whereas he might have genuine intentions for the entire digital coin market, it is unlikely that the incoming majority of Democrats would be comfortable with any kind of cryptocurrency deregulation plan. But that’s not to forget that the Congressional Blockchain Caucus has, for a longer time, been made up of bipartisan membership.

Carolyn Maloney, the New York Democrat, for instance, retained her house position in more than 85% landslide. It was previously recorded that she had become wary of the new wave of the Initial Coin Offerings and the cryptos. She serves alongside Mr. Davidson on the Financial Service Committee of the House.

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