US Representatives Introduce Legislation on Certainty for Digital Assets

US Representatives Introduce Legislation on Certainty for Digital Assets

U.S. Representatives Tom Emmer (R-Minn.), Darren Soto (D-Fla.) and Ro Khanna (D-Calif) have introduced a bill defining digital tokens and emerging technologies under current securities laws.

  • The Securities Clarity Act, H.R. 8378 affirms that digital assets are commodities.
  • "There has been an unreasonable approach by regulators as to how federal securities laws should be applied to transactions involving the sale of blockchain-based tokens, and this lack of clarity is hurting American innovation,” Emmer said.
  • The congressman stressed that “regulatory uncertainty has hindered the growth of blockchain technology, leaving many to take the technology overseas."
  • This bill has been endorsed by the Chamber of Digital Commerce, the Blockchain Association and Coin Center.
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