U.S representatives have reintroduced a bill that will define and establish how federal regulators should handle cryptocurrency.
The Securities Clarity Act, if signed into law, would treat digital assets as commodities rather than securities, allowing businesses to sell and trade cryptocurrencies without having to register them as securities with the Securities Exchange Commission (SEC).
Tom Emmer (R-Minn.), the bill’s lead sponsor and a member of the Congressional Blockchain Caucus, explained that ”regulatory uncertainty” has been harmful to the crypto industry.
“There has been an unreasonable approach by regulators as to how federal securities laws should be applied to transactions involving the sale of blockchain-based tokens, and this lack of clarity is hurting American innovation,” Emmer said.
Originally introduced in September 2020, the bill has been endorsed by the Chamber of Digital Commerce, the Blockchain Association and Coin Center.
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