A high-ranking member of the U.S. Congress is apparently upset with the Securities and Exchange Commission (SEC). The Ranking Member of the House Financial Services Committee’s Task Force on Financial Technology (TFFT), Tom Emmer, believes the commission may be abusing its power when it comes to cryptocurrency subjects. He is prepared to draft a bill that would provide better protection for crypto companies and keep the SEC from overextending its legal reach.
Emmer is perhaps as miffed as many with the SEC’s continued denials of crypto exchange-traded funds (ETF) and wants to see some changes. He is also well aware of the fact that blockchain innovation is leaving the U.S. for other countries given the current state of trepidation on the part of lawmakers to advance legislation over the space. He has already submitted a crypto-based bill, the Safe Harbor for Taxpayers with Forked Assets bill, to help businesses better understand their tax implications as they pertain to digital assets and wants to do more.
The new bill covers companies that have otherwise complied with the SEC’s registration requirements, allowing them to more easily find approval and less over-handed control by the commission. Emmer explains of the measure, “Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network. I am hopeful this non-partisan legislation will receive strong support and help ensure investment in the United States for these extraordinary technologies.”
Through the legislation, companies that meet securities registration requirements, or have qualified to receive an exemption from securities requirements, would be able to introduce their assets without interference from the SEC. In turn, the assets would be traded as commodities and would be regulated as such.
In addition to leading the TFFT, Emmer is the co-chair of the Congressional Blockchain Caucus, a position to which he was appointed last year, and is also behind the Blockchain Regulatory Act. That legislation provides guidance to blockchain entities that don’t need to be registered as money transmitters and is designed to help influence more blockchain innovation in the U.S.
There is no word on when Emmer’s new bill will be officially introduced, nor is there any indication regarding how it might be received by members of Congress.
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