U.S. Rep. Davidson to introduce legislation creating new asset class for crypto

04 Dec, 2018
by David Borman
Regulation
U.S. Rep. Davidson to introduce legislation creating new asset class for crypto

It is being reported by Cleveland.com that U.S. Rep. Warren Davidson of Ohio announced at the Blockchain Solutions conference that he intends to introduce new legislation that will create a new asset class to cover digital currencies such as crypto and ICOs. This will be in an effort to get all government agencies on the same page concerning regulation.

Currently, the SEC sees most ICOs as securities, CFTC sees crypto mainly as commodities and the IRS treats it as property. This bill, which has not yet been formally introduced, would seek to create one asset class for digital currencies that could then have one uniform set of rules applied to.

This could dramatically change the financial and legal landscape of crypto, but it is still in the early stages. Even if things go smoothly, the actual laws concerning the asset class have yet to be written much less passed.

Nonetheless, this is an important and innevitable step forward if crypto is going to find its place in the mainstream financial world. It is interesting it has come out of Ohio which has recently shown it is taking pro-crypto steps in the state.

Will this be the beginning of official integration? Stick with Chepicap for all updates!

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