New bill could protect crypto companies from the SEC
Lawmakers are beginning to cry foul over the commission’s strong-handed approach to crypto
Tom Emmer, a Republican Congressman for Minnesota, has announced his current goal of implementing a US cryptocurrency bill to allow some additional legal protection to any token sale. The idea comes after the US Securities and Exchange Commission (SEC) has repeatedly shown an unwillingness to allow progress in the blockchain space and Congressman Emmer states that these regulations should only be applied to those digital currencies that meet standards of securities criteria and that the most important thing is clarity. The belief that the SEC has been overstepping its authority is gaining traction.
Congressman Emmer said during testimony, “Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network.” Authorities are still giving a hard time to the blockchain industry to be able to operate legally in the US, even after their constant efforts to meet all criteria and follow the rules.
This new bill will authorize the companies that fully demonstrate compliance with existing legislation to be able to legitimize their transactions for cryptocurrency sales without the worry of backlash when a regulatory authority comes to the scene.
Congressman Emmer shows concern about situations like Libra, which will be hosted in Switzerland, a country known as a paradise for tax evaders; however, he also believes they are not making things any easier for these companies by not even considering the new requirements of this elemental technology. “I can safely say that this is at least the second time you’ve testified before Congress,” he told Facebook founder and CEO Mark Zuckerberg, “where members look like they have invested absolutely no time learning about new technologies in order to responsibly question tech companies.”