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Thank you to @RepDarrenSoto, @RepJoshG, @RepTedBudd, & @RepScottPerry for cosponsoring my #TokenTaxonomyAct. It’s time for Congress to give this emerging industry the clarity it needs to continue changing the world with #blockchain. https://t.co/fmAfeKQXGN
— Warren Davidson (@WarrenDavidson) March 10, 2021
In a statement by his office, Davidson confirmed that he hopes the bill would offer much-needed transparency for the U.S. blockchain ecosystem. The new regulatory structure in the United States is causing doubt and resentment towards the industry, he added.”Without a workable federal regulatory system, many companies and developers take their businesses overseas where simpler and more friendly regulations have built vibrant blockchain economies,” reads the document.
Florida Rep. Darren Soto is one of the lawmakers who is sponsoring the measure. Soto was one of the guest speakers at CoinGeek Live, talking about the need to strike a balance between legislation and creativity.Soto said,
“It is time for the United States to step up and lead in blockchain technology. This is an important first-step to promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors.”
North Carolina Rep. Ted Budd, Pennsylvania Rep. Scott Perry and New Jersey Rep. Josh Gottheimer have co-sponsored the measure.
The Blockchain Association, a non-partisan group that advocates constructive public policies for the industry, endorses the measure. In the past, the Association blamed the SEC for treating the market.
“It is our opinion that SEC has not been able to offer the assurance needed to stimulate sustained investment and growth in this technology. The Token Taxonomy Act will eradicate this confusion,” the Association said in a blog post.He added, “The bill is a critical move forwards in a regulatory framework that will enable the U.S. to compete, particularly against those increasingly crypto-friendly foreign jurisdictions.”