October 6, 2021

US Lawmakers Want Crypto Legislation Amended?

 In the latest development of the crypto sector in the United States (US), North Carolina representative Patrick McHenry has proposed a bill capable of amending one of the laws governing the Securities and Exchange Commission (SEC) to provide a safe space for certain crypto token projects.

Here are McHenry's brief details in the Clarity for Digital Tokens Act of 2021 backup paper:

Amended the Securities Act 1933 for the purpose of creating a safe port to the crypto token development group.

At least a period of three years for a project token offering without registration as an opportunity for the group to develop a fully decentralized network.

The effort highlighted by McHenry is an initiative developed from the Token Safe Harbor Proposal rule line proposed by SEC official Hester Pierce in April.

If approved, efforts that emphasize the importance of supporting citizen access and market acceptance of digital assets are considered one of the largest developments for the crypto market in the U.S. to date.

Blockchain Association executive director Kristin Smith and The Chamber of Digital Commerce welcomed McHenry’s proposal.

They described the collaboration between supervisors and leaders as a good step towards creating the latest innovations and clearer digital token solutions.

McHenry's proposal also clashed with SEC chairman Gary Gensler's statement yesterday that revealed the agency had no plans to block crypto, similar to what Federal Reserve chairman Jerome Powell announced last week.