A new crypto bill will be presented by the US Congress this fall led by Ohio Republican Warren Davidson. He is hosting a roundtable of representatives from Wall Street, venture capital firms and crypto companies to understand the crypto industry better. Today’s meeting could pave the way for digital coin regulations in the US. Among the attendees are the US Chamber of Commerce, Andreessen Horowitz, Nasdaq, Union Square Ventures, State Street and Fidelity. Coinbase and Ripple will represent crypto entities.
Davidson Handpicks Meeting Attendees
In a letter to invitees, Davidson writes:
“Your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market.”
The letter was sent to over 50 financial giants and cryptocurrency giants to help the Washington lawmakers understand cryptocurrencies better and devise regulations accordingly.
The meeting, titled “Legislating Certainty for Cryptocurrencies,” will be an important step by the lawmakers in regulating the crypto market. Davidson has carved eight questions for the meeting, which include a query over consumer protection from fraud. Private funding disclosures and laws governing token issuance will also be discussed during the meeting.
CNBC Confirms Attendee List
According to CNBC, Fidelity Investments and State Street are confirmed for the meeting. Venture capital firms Andreessen Horowitz and Union Square Ventures will also be available. Nasdaq and US Chamber of Commerce will further help in providing balanced viewpoints about regulation and use of digital coins. Ripple and Coinbase will represent the cryptocurrency market. Circle is also attending the meeting.
The opening remarks for the meeting will be delivered by Reps. Ted Budd, R-N.C.; Tom Emmer, R-Minn.; French Hill, R-Ark.; and Darren Soto, D-Fla. The topic to be discussed during the meeting will include initial coin offerings (ICOs), which have caught the attention of US financial watchdogs after raising billions of dollars for relatively new companies.
Davidson’s bill, slated to be floored during the fall, is the first of its kind to be presented in Congress. The US representatives have yet to come to an agreement about ICOs. Ripple’s participation in the meeting is very interesting in this case as it could be one of the most hit cryptos if it is labeled as a security.
The lawyer for blockchain company ConsenSys, Pat Berarducci, compared crypto regulatory uncertainty with the early years of the dot-com era. He noted:
“There are a lot of regulators wanting the U.S. to develop ‘do no harm’ policies to allow innovation to grow, just like they did in the internet era.”
He will be attending the roundtable today.