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Virtual Currency Legal Report - July 2021 #2 | Perkins Coie

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.

Rep Tom Emmer introduces bill to provide certainty for digital assets

Rep Tom Emmer introduces bill to provide certainty for digital assets The Security Clarity Act seeks to lessen regulatory burdens for blockchain-based technology. 2233 Total views News U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law. Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract asset.”

Bipartisan bill blocks digital tokens from becoming securities

Bipartisan bill blocks digital tokens from becoming securities
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