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Congressman to Eliminate SEC’s Jurisdiction Over Cryptocurrency

Warren Davidson is an Ohio Congressman who seeks to eliminate the SEC’s Jurisdiction over cryptocurrency. Currently, he is making plans to pass a bill that will bring about crypto-friendly regulations in the country. Most importantly, the Securities Exchange and Commission (SEC) will no longer have control in matters relating to ICO and cryptocurrencies.

Warren Davidson Meets With Reputable Leaders of The Industry

The Congressman had a meeting with 32 representatives of the crypto industry. At this time, it is not known if there are others he has partnered with to effect this change. But there is hope that the bill which will pass through the President might be approved. If that happens, this digital asset will no longer be classified as securities and as such, it will not be scrutinized as is currently the case.

While many are wondering how one man will be able to effect this change, it is worthy to note that he is a leader of the majority. Moreover, Warren Davidson occupies the sit of the United States House Committee on Financial Services. This is an office that oversees the financial industry as well as industries like securities and insurance.

William in a meeting with 50 stakeholders in September had said;

Tapping the potential ICO’s offer requires a law that provides a simple but clear ‘light-touch’ approach. With a thoughtful, bipartisan approach that protects consumers, advances free market solutions, and defines safe-harbors for the earliest stage innovators, Congress can send a powerful message around the world that the U.S. is the best destination for ICO markets

SEC Still Undecided About ICOs and Cryptocurrency

On Monday, the SEC had announced that it will soon announce it’s stance when it comes to cryptocurrency. Craig Phillips, the senior adviser to Treasury Secretary Steven Mnuchin, made this known. While users are relying on a time specified as ‘the near future’, no one is certain if that will be sooner than we expect or in months to come.

Even though Warren Davidson is trying to eliminate these uncertainties by taking away the SEC’s power over the industry, some startups have found a way to bypass their regulations. This is either by raising their revenue privately or via VC funding. Nevertheless, this regulator is always looking for ways to catch up with them.

To some crypto enthusiasts, Congressman’s move to eliminate the SEC’s jurisdiction in the crypto industry is not really a remarkable one. This is because Carolyn Maloney, New York Democrat also serves in the House Financial Services Committee. While she works alongside William, she has expressed her opinion in the past that there’s really nothing backing these cryptocurrencies.

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