U.S. Congressman Tom Emmer introduced a new bill to clarify the classification of digital assets and specify the jurisdiction of each regulator.
The bill essentially amends the securities laws to include “investment contracts asset.”
“The Securities Clarity Act inserts a key term, the “investment contract asset,” into existing securities law to enable crypto projects to reach their full potential in a compliant way, allowing the United States to compete globally in this next iteration of the internet.”
In a May 18 Twitter thread, Emmer explained the need for distinction between digital assets and securities contracts. According to the lawmaker, if there is no distinction between the asset and the securities contract, token projects that raise capital to fund development cannot move out of the securities framework once the project is decentralized.
If passed, the bill would provide more regulatory clarity on the kind of assets that can be labeled as securities. Under Gary Ge
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