u.today
The head of public policy at Ripple, Susan Friedman, has expressed her support for the Keep Innovation in America Act, a bill designed to fix the crypto market's current regulatory faults. The act was introduced today by House Financial Services Committee Chairman Patrick McHenry and New York Congressman Ritchie Torres.
As stated by the source, the definition of a crypto "broker," or rather, narrowing its application for tax purposes, will be at the center of the act's agenda. In addition, the drafters of the act plan to limit the federal government's ability to define what constitutes a digital asset.
As Friedman notes, the act would make sure that the term is not defined in a way that creates unfeasible reporting requirements for the industry as it does now.
Keep innovation in America
The title of the act speaks for itself. According to one of the creators, McHenry, current misleading policies and regulatory overreach are pushing a dynamic industry with all its perks abroad, out of the U.S.
The current permissiveness of regulators toward the crypto industry was made possible in part by the Infrastructure Investment and Jobs Act of 2021. If it gave regulators broad powers to determine the rules of the crypto market, the new act should limit it, advocates say.