Ohio House Rep. Warren Davidson plans to introduce federal legislation to regulate ICOs. This includes creating an asset class for tokens that would prevent them from being classified as securities.
Right now the SEC is trying to make the case that all ICOs are securities, and while there is some logic in that, it is causing chaos in the crypto markets as old laws are trying to be retroactively fitted to a new asset class.
You can learn more at CCN’s Congress’s Biggest Bitcoin Bull is Finalizing Bill to Exempt ICOs from Securities Laws.
IMPORTANT: If this got passed it would be a really big deal. It would essentially solve one of the biggest problems in crypto as of late.
TIP: “Plans to introduce” = he has not submitted the legislation yet, he is working on it. Once he does it will have to be heard, voted on by the house, sent to the senate and voted on by the senate, and then re-approved by the house. Once it is submitted you’ll find it at docs.house.gov. For more on how a bill becomes law, see this educational video.
FACT: Ohio has been on the forefront of crypto adoption. Not only do they have Davidson advocating for crypto, they also just became the first state to let you pay your taxes in Bitcoin.