Washington, D.C. – Today, Congressman Tom Emmer led a letter with House Financial Services Committee Chairman Patrick McHenry to Securities and Exchange Commission (SEC) Chairman Gary Gensler seeking clarity on the regulatory classification of digital asset airdrops. 

“Under Chairman Gensler’s tenure, the SEC has put its thumb on the scale and prevented Americans from shaping the next iteration of the internet,” Congressman Tom Emmer said. “Airdrops play an important role in incentivizing participation in blockchain-based applications, which, in turn, contribute to the continued development, initial governance, and ultimate decentralization of these networks. Chairman Gensler’s tenure at the SEC has been characterized by regulation by enforcement and has resulted in widespread uncertainty and fewer opportunities for Americans.”
 
Background:
Digital asset airdrops incentivize participation in blockchain-based applications and are an important part of the continued development, initial governance, and ultimate decentralization of blockchain networks. 

However, due to the muddied regulatory status of airdrops in the United States, developers often block Americans from claiming tokens in an airdrop, even when those individuals may have been building on the network or otherwise contributing to its development.

By prohibiting Americans from participating in airdrops, the SEC’s policies are blocking Americans from participating in these projects, effectively ensuring these projects are not designed by Americans or influenced by American values.

You can read the letter in its entirety here. 

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