|Dec 06, 2018 01:49 PM||By: John Patrick Mullin | 1912 Views|
US representative of Ohio, Warren Davidson has announced a plan to regulate cryptocurrency and ICOs through the federal government, Cleveland reported on Monday.
Davidson is set to try and approve the bipartisan bill which would seek to create an asset class for crypto tokens, essentially preventing them from falling under the title of "securities". This would also allow the Security Exchange Commission (SEC) to regulate ICOs more effectively.
Davidson beleives the bill offers entrepreneurs an opportunity to raise capital in a different way. Pushing through the bill could potentially allow for easier funding methods for entrepreneurs, backed by government regulation to prevent fraudulent projects.
The bill has yet to be introduced, but Davidson said the bill should become public soon. The cryptocurrency and blockchain supporter has recently pushed for discussions on potential regulations which could create a better future for the financial industry.
Davidson announced his plan for the bill at the recent Blockland Solutions conference held in Cleveland.
Could this bill potentially pass off crypto as a third asset class? The potential for crypto if that happens would be immense.