The Money Classification Act is introduced by the Republican Warren Davidson of Ohio and Democrat Darren Soto of Florida to the House of Representatives. In case of passing of the law; cryptocurrency When the units become a fully functioning network, the securities laws will not apply to them.
Representative Davidson says the bill will provide long-awaited clarity and USAhe said he would make use of the developing industry.
Ayı In the early days of the Internet, Congress passed the law that provided certainty and resisted the tendency to over-regulate the market. Our intention is to improve the economy of America and to achieve a similar gain for American leadership in this innovative field."
in June SEC Jay Clayton, president, told CNBC that the agency had no plans to change the SEC's standards alone. Clayton said that all initial coin offers are naturally securities. He also added:
Bir We will not apply any coercion to the definition of a traditional security and securities that has worked for a long time. No need to change the definition. It's a digital entity that I've given you my money and made an attempt at. I say to you that you can get a return. This is a security and security. We can edit this. We organize the offer of this securities understanding. We also organize their trading. "
Clayton said that many of the already existing coins were potentially securities.
On the other hand; William Hinman, SEC's corporate finance officer, both in June Bitcoin as well as etheris not the securities, he said. Hinman said platforms don't have a central control body.
Source: Dailyhodl