US Congressman is Working On a Bill To Exempt ICOs and Cryptos From Securities Laws

United States Congressman Warren Davidson from Ohio has announced plans of introducing legislation that will regulate ICOs (Initial Coin Offerings) and cryptocurrencies as a different asset class thus exempting them from current securities laws. Mr. Davidson represents Ohio’s 8th District and can be considered as a voice of reason when it comes to the topic of crypto and ICO regulation in the United States.

The legislation has not yet been made public but Mr. Davidson promised that it would be soon as there was an urgent need to provide clarity into the new industry. He added that ICOs and cryptocurrencies provided an alternative method for entrepreneurs to raise capital.

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Warren Davidson announced his plans this past Monday at the Blockland Solutions Conference held in Cleveland, Ohio. The four day event was from the 1st of December till the 4th and included the following list of prominent speakers.

  • Joseph Lubin – Ethereum Co-founder and Founder of Consensys
  • Mark Hurd – CEO, Oracle Corporation
  • Jerry Cuomo – IBM Fellow, Vice President, Blockchain Technology, IBM
  • John Donovan – CEO AT&T Communications
  • Jeremy Gutsche – CEO, Trend Hunter AI and bestselling Author
  • Jason Kelley – General Manager, Blockchain Services, IBM
  • Beth Mooney – Chairman and CEO, KeyCorp
  • Larry Sanger – Wikipedia Co-founder and Chief Information Officer of Everipedia
  • Nick Szabo – Inventor of Smart Contracts and Bit Gold
  • Alex Tapscott – Author, Blockchain Revolution and Co-founder of Blockchain Research Institute

Republicans Leading the Charge for Clarity from the SEC Regarding Cryptos and ICOs

To note is that Warren Davidson is a member of the Republican party. Members of the party have been noted to be the most vocal in demanding clarity from the Securities and Exchange Commission (SEC) with regards to how to regulate Bitcoin and other cryptocurrencies in the United States.

Back in August, Davidson had invited 32 cryptocurrency organizations to discuss ICO regulation. The round-table discussion was held on the 25th of September at Capital Hill. A recording of the discussion is available on the popular video streaming website of Youtube through this link.

What are your thoughts on the possibility of Congressman Warren Davidson introducing legislation that exempts ICOs and cryptos from the current securities laws? Please let us know from the comment section below. 

[Image courtesy of davidson.house.gov]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.