Report: US Congressman Announces Plans for Federal Cryptocurrency and ICO Regulation

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U.S. Rep. Warren Davidson has announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings, local Ohio news agency Cleveland.com reports Dec. 3.According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference.

The bill would create an "Asset class" for cryptocurrencies and digital assets, which "Would prevent them from being classified as securities, but would also allow the federal government to regulate initial coin offerings more effectively."

This development would bring clarity to U.S. crypto regulation.

The Securities and Exchanges Commission stance is that most cryptocurrencies are securities.

The Commodity Futures Trading Commission, on the other hand, treats cryptocurrencies as commodities.

The U.S. Office of Foreign Assets Control, which enforces economic sanctions, views crypto as money and blacklists wallets of sanctioned persons.

A group of U.S. Congressional representatives sent a letter in September to the SEC Chairman Jay Clayton calling for "Clearer guidelines between those digital tokens that are securities."

The same month, over 45 representatives of major crypto companies and Wall Street firms attended a Congressional roundtable discussion on cryptocurrency and ICO regulation.

Davidson has previously demonstrated his support for the crypto industry, suggesting that the ICO market needs "Light touch" regulation.

A spokesman for the U.S. representative said in November that Davidson is working on a bill that, once law, would treat ICOs as products rather than securities at the federal and state level, effectively "Sidestepping" security laws.

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