Tagged: legislation

New York Legislation is Designed to Ban Crypto Mining

Welcome to New York City

The New York State Assembly has passed legislation to ban crypto mining in the state until a review has been completed. To quote the summary: “[The legislation] Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that… Read More

Senator Pat Toomey Proposes Legislation to Regulated Stablecoins

Patrick Toomey 11.18.21

Stablecoin TRUST Act of 2022 Senator Pat Toomey has proposed legislation to regulate stablecoins. Toomey is the ranking Republican on the Senate Banking Committee. The Senator’s legislation incorporates the key components: Authorizes three different options to issue payment stablecoins: Establishes a new federal license designed… Read More

European Parliament Approves New Rules on Crypto Transfers, No Minimum on Tracking Transfers

Bitcoin Wallet Cartoon

Last Thursday, Members of European Parliament (MEP) voted to create new rules to track crypto transfers. The Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) adopted the legislation, with 93 votes for and 14 against, and 14 abstentions. The… Read More

Anchorage Co-Founder Comments on EU Parliament Vote on Crypto Assets: “A win for crypto”

European Parliament in France frederic koberl unsplash

Earlier today, the Economic and Monetary Affairs Committee, of the European Parliament,  adopted its “negotiating position on crypto assets. According to a statement by the EU parliament its goal is to “boost users’ confidence and support the development of digital services and alternative payment instruments.”… Read More

Crypto Miners, Staking Platforms Won’t Have to Report Transactions to IRS: Report

IRS Internal Revenue Service Bitcoin Cryptocurrency

In a bit of good news for the crypto mining sector and staking platforms, it is being reported that crypto miners and stakers will not have to report transactions to the US Internal Revenue Service (IRS). The news was posted by Bloomberg who stated it… Read More

Digital Asset Supporter Senator Cynthia Lummis Warns About Pending Legislation that May Harm Crypto Ecosystem

Senator Cynthia Lummis

Calling Democrat authored legislation a “direct attack on the digital asset industry, Senator Cynthia Lummis is warning industry participants and proponents alike that the America Competes Act (HR 4521) may decimate the crypto sector. In a series of tweets, Senator Lummis, well-known for her advocacy… Read More

McHenry Tells Secretary of the Treasury Janet Yellen to Clarify Digital Asset Reporting

Janet Yellen at House Financial Services Committee February 2016

Representative Patrick McHenry has joined with Representative Tim Ryan demanding that Secretary of the Treasury Janet Yellen clarify digital asset reporting requirements. McHenry is the ranking member on the House Committee on Financial Services and Ryan is a Democrat. The two are the original co-sponsors… Read More

Congressman Tom Emmer Introduces Legislation Prohibiting the Fed From Issuing CBDC to Consumers

Tom Emmer 2

Congressman Tom Emmer introduced legislation today designed to prohibit the US Federal Reserve from issuing Central Bank Digital Currency (CBDCs) directly to consumers. Emmer is a member of the House Committee on Financial Services and ranking Member on the Fintech Task Force. According to the… Read More

Senator Cynthia Lummis Plans Comprehensive Legislation for Crypto

Senator Cynthia Lummis

Crypto proponent Senator Cynthia Lummis is planning “comprehensive” legislation for digital assets early next year. According to a report in Bloomberg, Senator Lummis, who has frequently voiced her support of digital asset innovation, will propose a bill that will clarify the regulatory status of the… Read More

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

Washington DC Capitol Congress

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

Washington DC the Capital Reflection

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

Patrick McHenry

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

US Capitol Washington DC

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 Patrick Toomey

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

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  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

Tom Emmer 2

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

Pat Toomey at Facebook Hearing

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

Tom Emmers

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 Capitol Washington DC a

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

Patrick McHenry HFSC 2019 d

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

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