Today, the subcommittee of digital assets, financial technology and artificial intelligence, led by President Bryan Steil (Wi-01), has held an audience entitled “American innovation and the future of digital assets aligning American laws on securities for the digital age”. This audience has examined significant legal uncertainty surrounding the application of securities laws to digital assets, which leaves protected users and stifle innovation. Members also explored which digital asset activities involve American securities laws, why current regulations may not apply and how congress can take legislative measures to meet these challenges.
Look at the audience online here.
On the importance of establishing a regulatory framework for digital assets:
- “Last week, this committee has taken an important stage towards the issuance of a real legislative certainty for the payment floors by advancing the stable law. It is the responsibility of relying on this momentum and continuing to work towards a complete regulatory framework which establishes clear rules of the road for the digital asset markets”, ” said President French Hill (AR-02).
- “It is crucial for this committee to promulgate legislation that provides clear directives to issuers and market players, facilitates capital training and maintains the integrity of the digital asset ecosystem and the traditional financial system. said the president of the Steil subcommittee.
On the opportunities offered by digital assets:
- “Digital assets will open the door to infinite possibilities for anyone in financial and frankly non-financial services, and offer possibilities for economic growth produced at the national level here in the United States”, ” said the representative Zach Nunn (IA-03).
On the need for a new dry regulatory approach:
- “The dry under the former president Gary Gensler continued an aggressive regulatory program for the application of the law which sought to extend the authority of the dry on the entirety of the digital asset ecosystem. Treating each digital asset as a guarantee, whatever its objective, the United States has made it possible to lose its leadership in financial technology”, ” said the representative Troy Downing (MT-02).
Witnesses echoed their support for the work of the committee.
Rodrigo Seira, special lawyer, said Cooley LLP, “Regulation, technological development and financial capital flows are closely linked and interact in a recurring scheme through history. While new technological paradigms such as the emerging crypto, they can lead to a frenzy of fringes. Clear that the current regulatory framework is not a viable option to regulate the crypto and fails to achieve its declared political objectives.
Tiffany J. Smith, partner and co -president of the Blockchain & Cryptocurrency working group, said Wilmerhale, “While the Securities and Exchange Commission (” dry “) took measures in its jurisdiction to provide regulatory clarity, these actions alone are not sufficient. I think that the action of congress is necessary to have real regulatory clarity for the digital asset industry. Dry, and if this is the case, how they could comply with the applicable complex regulatory requirements.
Jake Werrett, legal director, said Polygon, “In recent years, blockchains have become one of the most transformative architectures of the Internet. In 2008, Bitcoin marked the first decentralized internet currency. Since then, the evolution of the blockchain – accelerated by Ethereum and countless networks that have followed – has extended well to the property of the property and the private life of individuals. The position of the country as a world leader.
