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The field of cryptocurrencies has received multiple opinions from various sectors of society. While proponents of the space have been very active in promoting the industry, it has also been at the receiving end of a lot of backlash and criticisms. As a positive step for cryptocurrencies such as Bitcoin [BTC] and XRP, Rob Woodall, a United States Congressman recently commented on the benefits and need for digital assets.
In an e-mail reply to ATL XRP, a member of the XRP community, Woodall stated:
“I absolutely agree with you that the federal government should do its best to promote the United States as the world leader in innovation and to encourage, rather than stifle, the growth of new industries. Certainly, this school of thought should apply to cryptocurrencies.”
The Congressman’s reply was on a request to support the H.R.7356, the “Token Taxonomy Act”. He stated that the bill, although expired in December of last year, could be revisited during the new Congress session. He further added:
“I look forward to learning more about this legislation from Representatives Davidson and Soto should they choose to reintroduce the measure this year”.
The United States Congress has been quite active when it comes to cryptocurrencies, with even letters being written by members to the Securities and Exchanges Commission [SEC]. Last year, Jay Clayton, the Chairman of the SEC had pointed out the distinction between digital assets that can be considered as securities and ones that cannot.
The letter stated:
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”
The letter was sent post a roundtable discussion on cryptocurrencies that was aimed to establish the legislative pointers around the field of cryptocurrencies and blockchain technology.