Crypto Legislation: Congressman Parleys with Industry Stakeholders

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Crypto legislation: Congressman parleys with industry stakeholders
The meeting is expected to among other things discuss “light touch” regulations on ICOs following a number of decisions by the Securities and Exchanges Commission. Photo Credit: glassdoor

Reports say a U.S. congressman is working to enact relevant laws for the crypto sector and the underlying blockchain technology even as the market continues to be plagued by uncertainty.

According to Trustnodes, Warren Davidson (republican) from Ohio has invited 32 crypto stakeholders to Capitol Hill ahead of his plans to present Initial Coin Offering (ICO) related legislation to Congress this autumn.

Those invited included Andreessen Horowitz, Union Square Ventures, Intercontinental Exchange, Kraken, Nasdaq, CME Group, Circle, Coin Center, Ripple, Harbor and CoinList. They would be part of the crypto forum on Capitol Hill, scheduled for sept 25.

The meeting is expected to among other things discuss “light touch” regulations on ICOs following a number of decisions by the Securities and Exchanges Commission (SEC).

It is unclear what the upcoming crypto bill would look like but congressman Davidson is seemingly seeking input from the crypto industry, but it should hopefully take into account numerous concerns.

For instance, crypto stakeholders are in agreement that a number of SEC requirements are inappropriate, especially those concerning investment prohibitions which go against business model requirements for many of these tokens to be as distributed as possible.

Also many stakeholders believe that some sort of self-regulatory organization is required to set standards while guiding and overseeing the industry.

Back in June, Davidson told reporters: “I intend to lead legislation for initial coin offerings to clarify the role of regulators, protect consumers, address national security concerns, and facilitate a pro-growth environment for businesses to raise capital.”

It remains to be seen how far the coming legislations would go towards structuring the crypto space and protecting its interests.