Representative Emmer is one of the most crypto-friendly US politicians. He has repeatedly challenged the policy implemented by the SEC to regulate this market. This, by summoning Gary Gensler, the head of the regulator, to Congress to explain the merits of his regulatory strategy.
An initiative to spur U.S. crypto regulation
Regulation of the crypto sector is slipping in the United States. Elsewhere like in Europe, it is exactly the opposite. And many industry players have already sounded the alarm. Especially as regards the fact that the United States finds itself at a disadvantage.
However, the situation does not seem to be changing. Fortunately, some politicians want to play their part so that the regulatory context moves in the right direction. This is the case of Republican Representative Tom Emmer.
Recently, in fact, the parliamentarian initiated a bill baptized on “Securities Clarity Act”. The ambition: to lay the foundations to accelerate the implementation of a clear regulatory policy on the American crypto industry.
A step towards relevant regulations?
In a tweet, the representative explained the legal added value that the text brings compared to the current regulatory context. It actually proposes the addition of new terminology to securities law. A change suddenly taking cryptos into account.
“The Securities Clarity Act inserts a key term, investment contract asset, into existing securities law to allow crypto projects to reach their full potential in a compliant manner,” did he declare.
This change is not insignificant. It targets the bone of contention between the SEC and crypto firms. This is the main reason for many lawsuits against them. If adopted, this legislation should therefore a priori resolve the issue.
The securities law would then undergo a major change. This would specify that ” the term security does not include that of an investment contract asset”. Obviously, the news was well received by the crypto community.
“This is the smartest approach we’ve seen to clarifying how securities law applies to digital assets», said Jerry Brito, executive director of the Coin Center, a non-profit organization that defends the rights of cryptocurrency users.
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