Ohio Congressman Wants to Allow ICOs to 'Sidestep' Securities Laws

Neutral Ohio Congressman Wants to Allow ICOs to 'Sidestep' Securities Laws

Ohio Congressman Warren Davidson plans to introduce a bill that would allow Initial Coin Offerings ( ICOs) to "sidestep" U.S. securities laws, according to a report from Washington Examiner Nov. 13.

Citing a spokesman for Davidson - Republican congressman for the 8th district of the state of Ohio - the publication reports that the prospective bill would propose that ICOs be treated as products rather than as securities at the federal and state level.

The move would reportedly "eliminate" the U.S. Securities and Exchange Commission ( SEC)'s oversight of the industry.

The Washington Examiner notes that while the congressman aspires to seal bipartisan support for his bill, the deregulatory impulse of his project would unlikely win favor among the incoming Democratic majority in the U.S. House of Representatives.

The report also refers to signals from officials in the Trump administration - specifically Craig Phillips, senior adviser to Treasury Secretary Steven Mnuchin - who have reportedly hinted the department will advance its own crypto-related policy ideas.

To some degree, the report adds, startups in the crypto and blockchain space are already "sidestepping" securities laws by turning to "traditional" venture capital ( VC) funding in lieu of public or private token sales.

2018 opened with SEC chairman Jay Clayton's widely-reported remarks that that every ICO the Commission had seen so far would be considered a security. Since then, top Commissioners have adopted a more nuanced approach, with SEC Corporation Finance Director William Hinman judging that Ethereum ( ETH), despite its token sale, had in its present state and "decentralized nature" evolved beyond a securities classification.

As reported this fall, congressman Davidson hosted a "crypto roundtable" devoted to regulation, with over 45 representatives from major Wall Street firms and the crypto space, as lawmakers continue to appeal for more clarity over crypto and securities regulations.

11/15/2018 / 15:40:00 Source: cointelegraph

Bitcoin Regulation | SEC | ICO | USA | | ICO|Regulation
BTC
1 BTC=$3,216.43
XRP
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ETH
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XUC
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EOS
1 EOS=$1.81
BCH
1 BCH=$77.93

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Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.