Blockchain Bills in the U.S.
There seems to be a good deal of support for crypto in several US States since last year. Yesterday, Wyoming successfully passed two bills to further the growing consensus that cryptocurrenices and tokens are not actually securities and should not be regulated as such. You can find the actual bills in detail below.
HB 62 sets clear definitions that clearly demonstrate that "open blockchain tokens" are not the same as securities since you do not receive any incentives or payouts from holding coins like you would with shares of a specific company.
HB 57 is designed to create a lax regulatory environment to attract developers.
Caitlin Long, president of the Wyoming Blockchain Coalition, was very excited to see these bills win the support necessary to pass. This will definitely help further her goals to see states have more control over crypto versus the SEC or other national agencies.
ANOTHER ONE in the books for #Wyoming, 8-1 on HB 62, which broadens #utilitytoken language enacted in 2018 & moves it out of securities chapter into its own chapter of WY law, creating a brand new class of property (digital assets). Here testifying to committee @Tyler_Lindholm pic.twitter.com/0jfckEk4VT— Caitlin Long [Jan/3➞₿🔑∎] (@CaitlinLong_) January 10, 2019
aaaannnddd ANOTHER ONE! #Wyoming #fintech sandbox bill passed House committee 9-0!! Way to go @Tyler_Lindholm! Thanks to the small army of people who came to Cheyenne today! Vote on #bank bill deferred to next Friday, so stay tuned for updates on that big one! @asset_trade pic.twitter.com/w8e0iJHkX8— Caitlin Long [Jan/3➞₿🔑∎] (@CaitlinLong_) January 11, 2019
Down in Florida, we are getting crypto Support from U.S. Congressman Darren Soto (D-Fla.) as well. Recently interviewed by cheddar.com, he expresses significant understanding of how cryptocurrencies should operate within the market. Much like Caitlin, he agrees that crypto should not be instantly considered as securities. His sentiment is that the CFTC (U.S. Commodity Futures Trading Commission) should be the entity to regulate the space and treat crypto assets as commodities, as opposed to the SEC (Securities & Exchange Commission) who will regulate them as securities.
Congressman Warren Davidson (R-Ohio) and Soto have submitted the The Virtual Currency Consumer Protection Act of 2018 in order to mitigate market manipulation of prices and create the regulatory changes needed to classify crypto assets properly based on a clear definition of what constitutes a token to be a security or not. They also submitted The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018 to charge the appropriate parties in government such as the SEC and CTFC to create a report that outlines a framework for America to be competitive and innovate with blockchain technologies in an unhindered environment.
"Securities laws can be very intense and hurt the market unless it’s truly a security,” Soto told Cheddar Thursday. “Overall, we hope to establish jurisdiction and classifications so we can bring confidence and clarity into the market."
Source: Cheddar.com Article
I surely hope to see continued improvements in US regulation. This kind of progress, alongside anticipated launches of several new Bitcoin futures (as we discussed in our New Years article), US traders could be feeling pretty good this year.