Congress Members Reintroduce Bill to Define Digital Assets
U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and treat cryptocurrencies. Emmer originally introduced the bill (the Securities Clarity Act) in September 2020, with the support of then Representative Michael Conaway (R-Texas); however, the bill did not progress after being referred to the Committee on Financial Services. Emmer has since gained the support of Democratic Representatives Darren Soto (D-Fla.) and Ro Khanna (D-Calif.), who are cosponsors to the bill. As addressed in a previous post, Representative Emmer also coauthored a letter to then SEC Chairman Jay Clayton requesting that the SEC take action to provide clarity regarding digital securities in the context of broker-dealer custody.
The cryptocurrency industry is increasing its lobbying presence in Washington as it attempts to ease concerns from Congress and regulators about digital currency’s volatility, environmental impact and role in recent hi
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