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Initial Coin Offerings (ICOs) promised new ventures into financing and technology. However, scams have put it on high alert for regulatory bodies. American bodies such as the Security and Exchange Commission (SEC) for example are keeping a close watch on ICO’s whether it be shutting them down, or even warning individuals who market them hoping for investors to fall in a trap.
Republican Congressman Warren Davidson believes otherwise and is pushing for a better way to regulate ICOs so that it survives in the long run. As the saying goes “If you can’t beat them, join them!’
Davidson is a Cryptocurrency enthusiast who has pushed not only for ICO regulation but also for Cryptocurrencies to progress in the U.S. In August 2018, Davidson invited 32 Cryptocurrency companies to Capitol Hill to discuss on ICO regulations. He confirmed that ICO regulation should have a ‘light-touch approach’ suggesting that ICOs are useful but need to come under specific regulations.
The Cryptocurrency scene as of now is a confused state in the US while Blockchain has already progressed in being utilized by the government. Blockchain technology, for example, has already been used for remote voting for the West Virginia midterm elections through a platform called Voatz.
Gregory L Watkins Tweeted:
US Congressman Warren Davidson discusses bipartisan bill that could classify tokenized assets as being exempt from securities laws. #BlocklandCle18 #blockchain #Cleveland pic.twitter.com/pyrTmWrNl0
— Gregory L. Watkins (@gwatkinsesq) December 3, 2018
Blockmanity’s Take
Overall things are looking positive after Davidson’s approach to push for Cryptocurrency regulations as Republicans are usually opposed to regulation and government intervention. However, with Republicans supporting and Democrats already in line with supporting Cryptocurrency, it should be a favorable 2019 if and when America progresses into being pro Cryptocurrency.
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Wyoming Succeeding in Blockchain Adoption, Passes Blockchain Friendly Bill with 13-1 Majority