US Congressmen Warren Davidson is planning to introduce a new legislation which will create a new unique asset class for the cryptocurrency. And he has found support from Bobby Lee, who took on Twitter to second the thought put forward by the congressman.
Bill could get in regulatory clarity towards cryptocurrencies and ICO’s
As certain sections of media reported that US congressman from Ohio was planning to introduce a bill that could create a new asset class to cryptocurrencies and ICO ’s, Bobby Lee took onto Twitter to give a thumbs up to this thought. According to Lee, Bitcoin and cryptocurrencies (as opposed to tokens) need to be designated as a completely new asset class as this is the way forward for them and would help them grow in a much-regulated fashion
— Bobby Lee (@bobbyclee) December 6, 2018
The news was reported by Cleveland.com which said that the Republican from the 8th District says he plans to introduce legislation in the House of Representatives that would create a new, unique asset class for cryptocurrencies and initial coin offerings (ICOs), allowing for a clearer path to government regulation. The bill would prevent crypto assets from being classified as securities and empower the federal government to “regulate initial coin offerings more effectively.”
This was not the first time the Congressman had put forward a request to legitimize and regulate blockchain technology. He was part of the group of US lawmakers who had written a letter to the SEC in September 2018, asking for more clarity on regulations before confused tech companies start leaving the country.