Warren Davidson, a Republican member of the United States House of Representative, has introduced the plan for regulation of cryptocurrencies and Initial Coin Offerings.
Last month, we informed about new Initial Coin Offering (ICO) guidance in the United States. The Securities and Exchange Commission (SEC) wanted to create new regulations concerning this topic.
According to Cleveland.com’s report, the Ohio Congressman presented new rules during the Blockchain Solutions conference on Monday. The event took place in Cleveland and lasted four days. Experts, developers, and leaders of the cryptocurrency industry discussed the potential changes in the law.
The discussion concerned the distributed ledger technology (DLT) and possible use of blockchain technology by the government.
The new proposal might bring transparency to the United States cryptocurrency management.
Security or Commodity
The Securities and Exchange Commission (SEC) has described most of the cryptocurrencies as securities. However, The Commodity Futures Trading Commission (CFTC) treats virtual coins as commodities.
The new ruling could clarify, how to classify crypto and stave off that disagreement.
Earlier this year, Warren Davidson has shown his support to the cryptocurrency industry. He claims that the ICO market should be regulated and developed. According to a spokesman for the U.S. representative, Davidson has worked on the new bill since November. The law would treat ICOs as securities at the federal and state level.
Yesterday, we found out that seven funds located in Ohio will give $300 million to blockchain startups in the next 3 years.
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