U.S. Congress Representative Introduction The bipartisan bill of July 15 aims to clearly define assets (such as digital tokens and other emerging technologies) in accordance with current securities laws.
is called Safe and Clear Law, The bill was introduced by Representative Tom Emmer (R-MN), Representative Darren Soto (D-FL) and Representative Ro Khanna (D-CA). The legislation aims to change the definition of terms that have been used for more than 75 years. The status of any asset sold as an “investment contract” will become an “investment contract asset”.
According to the press release, the bill will provide solutions for those who meet the current securities registration requirements or meet the exemption conditions. After meeting these requirements, entrepreneurs will be able to allocate their assets without worrying about any additional regulatory burdens.
“Regulatory agencies have taken unreasonable practices regarding how to apply federal securities laws to transactions involving the sale of tokens based on blockchain. This ambiguity is undermining innovation in the United States. In law enforcement supervision and the classification of these assets Between different legal decisions, regulatory uncertainty hinders the development of blockchain technology, causing many people to bring technology overseas,”
According to the representative, the Securities Clearance Act is intended to be a technology-neutral bill. It also applies to all assets, tangible or digital, and declares that investment contract assets, such as digital tokens, are independent and different from the products in which it may participate.
Rep. Soto explained:
“As Congress strives to protect those who invest in this technology, the Securities Clearance Act will add key definitions and jurisdictions to create certainty for the strong digital asset market in the United States. This is to promote innovation and maximize the use of virtual currency pairs. An important first step towards the potential of the U.S. economy, while protecting the financial well-being of customers and investors,”
Emmer has previously stated that he is concerned that regulation will interfere with Americans who benefit from cryptocurrency.in a Hearing in June In the US House of Representatives Financial Services Committee, Emmer stated:
“In the past few years, I have been fortunate enough to meet many great crypto and blockchain innovators. One thing we have in common in our discussions is that they really want to develop their crypto and blockchain ideas here in the United States. But they will not, because of the ongoing uncertainty in crypto regulation.”
This bill was introduced a day after Fed Chairman Jerome Powell (Jerome Powell) spoke Proposed to the House of Representatives the need for stricter regulation of stablecoins.