Tagged: legislation

Responsible Business Lending Coalition Voices Support for Small Business Lending Disclosure Act of 2021

The Responsible Business Lending Coalition (RBLC), a group that includes online lenders LendingClub (NYSE:LC) and Funding Circle, has issued a statement in support of legislation introduced in both the US House and Senate. The Small Business Lending Disclosure Act of 2021, is described as establishing “common-sense… Read More

Policy Expert Comments on Removal of IRA Clause from Social Spending Bill that May Have Impacted Securities Crowdfunding

Last week, CI reported that a damaging clause included in pending legislation had been pulled from the language of the bill. The portion of the legislation was ostensibly designed to halt IRA investors (investment retirement accounts) from holding private securities in these tax-sheltered, retirement vehicles…. Read More

McHenry Slams Infrastructure Bill as Reckless Spending, Notes New Digital Asset Reporting Requirements

The infrastructure bill (H.R.3684) is on its way to becoming law. After a circuitous legislative path that saw extreme left legislative vote against the bill while several Republicans helped to push it across the finish line, a pinnacle of the Biden Administration’s legislative ambitions is… Read More

Ban on IRA’s Holding Private Stock Pulled from Current Version of Build Back Better Bill

While there is plenty to sort through in the social spending legislation known as the Build Back Better bill it appears that the section effectively blocking private securities from being held in Investment Retirement Accounts (IRAs) has been pulled from the language as it stands… Read More

Investor Freedom Act of 2021: Senator Toomey Introduces Bill to Protect Payment for Order Flow

Senator Pat Toomey, the ranking member on the Senate Banking Committee, has introduced legislation designed to protect payment for order flow – the legal practice where firms pay to process trades collected by broker-dealers. The practice has garnered scrutiny due to its utilization by Robinhood,… Read More

$3.5 Trillion Social Spending Bill Includes Section Banning Private Securities from Retirement Accounts, May Impact Investment Crowdfunding

  Earlier this month, John Berlau, a Senior Fellow at the Competitive Enterprise Institute (CEI), wrote an article discussing the controversial $3.5 trillion social spending bill that is currently stuck in the US Senate due to intraparty disagreements. While initially pitched as “infrastructure” or “reconciliation”… Read More

Two House Representatives Introduce Micro-Offerings Legislation to Help Smaller Firms Raise Needed Funding

Congressman Patrick McHenry and Congressman Tom Emmer have joined to introduce new micro-offering legislation. McHenry is the ranking member on the House Financial Services Committee. Both McHenry and Emmer have long been supportive of financial innovation and small businesses in general. The Small Entrepreneurs’ Empowerment… Read More

Senator Patrick Toomey Asks for Feedback for Legislation on Crypto, Blockchain Tech

Senator Patrick Toomey, a member of the Senate Banking Committee, has issued a call for feedback regarding legislation that impacts cryptocurrency and blockchain technology. Toomey has been supportive of financial innovation and more recently had attempted to mitigate the impact of the Infrastructure legislation that… Read More

US Congressman Re-Introduces Bill that Seeks to Protect Blockchain Innovation

Congressman Tom Emmer has reintroduced the Blockchain Regulatory Certainty Act along with Congressman Darren Soto. The legislation aims to address Financial Action Task Force (FATF) proposed guidance that could stifle blockchain innovation in the United States and elsewhere. FATF has advocated for stricter regulation of… Read More

Two Congressmen Tell the SEC and CFTC to Form Digital Assets Working Group Now

US House of Representative Patrick McHenry and Representative Glenn Thompson have sent a letter to both the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) telling them to form a working group on digital assets. The letter arrives at a time when… Read More

Congressman Patrick McHenry Slams SEC Chairman Gensler’s “Power Grab” in Regards to Regulating Digital Asset Exchanges

In a recent round of correspondences launched by Senator Elizabeth Warren, a noted crypto skeptic, SEC Chairman Gary Gensler responded with a request for additional authority to regulate digital asset exchanges. Gensler said that legislative priority should center on crypto trading, lending and DeFi platforms…. Read More

Infrastructure Bill with Language Damaging to Crypto Sector Passes the Senate

Earlier today the US Senate voted on a massive bill that, while labeled infrastructure, included a cornucopia of pet projects and unrelated policy goals. Squirreled away in the legislation was language designed to raise revenue by taxing crypto transactions as well as broadly defining the… Read More

Senator Lummis Says Amendment to Save Crypto Innovation Facing Major Headwinds as Infrastructure Vote Looms

Infrastructure used to mean roads, airports, bridges, etc. Today, infrastructure, as defined by our elected representatives, means oh so much more. The massive spending bill being foisted upon the populace by Congress is still being dissected but one area that it may impact is digital… Read More

Senator Toomey Shoots Down Crypto Tax in Infrastructure Bills as “Unworkable”

Senator Patrick Toomey, the ranking Republican on the Senate Banking Committee, has issued a statement calling proposals for a new cryptocurrency tax to be included in the infrastructure bill as “unworkable.” Toomey issued a brief comment regarding the proposal: “Congress should not rush forward with… Read More

Infrastructure Bill: Here is the Legislation that May Impact Digital Asset Innovation in the US

As has been previously reported, the spending bill that has been in the works for some time now is closer to become law. The ‘Infrastructure Investment and Jobs Act” lands at 2700 pages of government expenditure that aims to improve infrastructure like roads, airports, transportation… Read More

USA: Regional Blockchain Groups Join Blockchain Association in Telling Congress Infrastructure Bill Threatens Emerging Digital Asset Sector

The US Senate worked on Sunday to come to terms on a infrastructure bill that could end up costing trillions of dollars. The super thin margin in the Senate means moderates on both sides of the aisle will play a key role in the decision… Read More

Congressman McHenry Crafts Bill to Expand Access to Private Securities by Expanding Definition of an Accredited Investor

Congressman Patrick McHenry has submitted legislation to update the definition of an Accredited Investor. Currently, individuals deemed to be Accredited may participate in private, Reg D securities offerings – the most popular exemption utilized by promising young firms. To be deemed accredited, an individual must… Read More

US Senator Gary Peters Investigates Crypto and Ransomware, Introduces Legislation

US Senator Gary Peters, Chair of the Senate Homeland Security and Governmental Affairs Committee, has initiated bipartisan legislation targeting cybersecurity threats including the usage of cryptocurrency and payment of ransom. The bill,  the DHS Industrial Control Systems Capabilities Enhancement Act, would require the Cybersecurity and… Read More

EU Draft Documents Surface Addressing Distributed Ledger Technology, Crypto-Assets

  Two draft documents by the European Parliament, Committee on Economic and Monetary Affairs, addressing distributed ledger technology (DLT or blockchain) as well as crypto-assets have emerged. The first is a draft document on the proposal for a regulation of the European Parliament and of… Read More

New Law Increases Anti-Money Laundering Efforts Including Digital Assets

The [William M. (Mac) Thornberry] National Defense Authorization Act for Fiscal Year 2021 (HR 6395) was signed into law at the beginning of this month. While the title of the law is pretty accurate as the bulk of the legislation addresses defense issues, buried within… Read More

Send this to a friend