Washington, D.C. - Yesterday, Congressman Tom Emmer (MN-06) announced his intent to introduce legislation to provide a path to regulatory certainty for digital assets and other emerging technologies under securities law.
The legislation would allow companies that have complied with current securities registration requirements, or who have qualified for a security exemption, to provide for the distribution of their assets to the public without subjecting them to additional securities regulation. These assets are commodities and would be regulated in that manner.
"Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network," said Emmer. "I am hopeful this non-partisan legislation will receive strong support and help ensure investment in the United States for these extraordinary technologies."
Watch the exchange here.
Congressman Emmer serves as the Ranking Member of the House Financial Services Committee's Task Force on Financial Technology. In addition, Congressman Emmer became co-chair of the Congressional Blockchain Caucus in 2018 and also introduced the Blockchain Regulatory Act, which provides certainty to blockchain entrepreneurs that do not need to register as money transmitters.