Congressman Davidson Hosts Roundtable on Digital Asset Regulation10/01/2018At a roundtable hosted lasted week by Ohio Congressman Warren Davidson, lawmakers sought feedback from market participants on flaws and inefficiencies in the current digital asset regulatory framework. The roundtable, titled “Legislating Certainty for Cryptocurrencies,” included 48 representatives from a variety of digital asset and financial services firms, who pressed Congress for greater regulatory clarity in respect of digital assets.
The topics discussed at the roundtable included protecting consumers from fraudulent activity related to digital assets and finding ways to regulate digital asset activities more effectively. Some participants expressed concern regarding the pace at which the U.S. government is moving to regulate the space, arguing that innovators may depart for jurisdictions with friendlier and clearer regulatory frameworks. Others took issue with the application of securities laws to digital assets and questioned whether a single agency should regulate the industry, whether that is the Securities and Exchange Commission, Commodity Futures Trading Commission or an entirely new government agency dedicated to digital asset regulation.
Congressman Davidson said he hopes to include this feedback in a bill focused on the regulation of digital assets that he plans to introduce later this fall. Although it remains to be seen what shape this bill may take, it is another sign that lawmakers are pressing for greater clarity in this space. We will continue to provide updates on this and other pieces of legislation related to the FinTech industry as they are introduced.