Representative Warren Davidson announced plans to make crypto its own asset class at the Blockchain Solutions Conference. He’s drafted a federal law, and many industry players believe that the proposed legislation will provide much-needed clarity on the regulatory status of digital tokens.

US Lawmaker Introduces Crypto Bill To Clear Up The Confusion

Davidson hopes his plan will pave the way for reasonable government regulation that allows ICOs to prosper.

A longtime proponent of blockchain technology, Congressman Davidson once lamented that “current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere.”

If the bill makes its way into federal law books, the SEC could no longer classify ICOs as securities and eliminate the types of investigations currently hamstringing the industry.

Davidson’s bill is not the only one wending its way through Capitol Hill. Congressman Tom Emmer also has three pro-crypto proposals in play.

Connect With A Cryptocurrency Lawyer

Our cryptocurrency and tax lawyers help businesses, entrepreneurs, and investors with:

1. Contract drafting and negotiations;
2. Ideal tax positioning;
3. SEC, IRS, and FTC compliance and governance;
4. ICO eligibility and execution; and
5. Blockchain and crypto business formation.

Andrew Gordon, managing partner of the Gordon Law Group, is a leading cryptocurrency tax attorney. A staple on the conference circuit, Gordon is a trusted voice. Industry luminaries rely on his experience and insight when it comes to managing mixed-asset portfolios.

If you’re ready to consult about a cryptocurrency tax or legal matter, get in touch today.