Tagged: legislation

May 31, 2022 @ 5:56 pm By JD Alois  |  

“To provide for responsible financial innovation and to bring digital assets fully within the regulatory perimeter.” The long-anticipated legislation crypto regulation proposal emanating from US Senator Cynthia Lummis has now been posted online. First revealed by the Block, the draft legislation aims at clarifying the… Read More

April 27, 2022 @ 11:08 am By JD Alois  |  

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

April 7, 2022 @ 8:23 am By JD Alois  |  

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

April 5, 2022 @ 11:00 am By JD Alois  |  

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

March 14, 2022 @ 3:32 pm By JD Alois  |  

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

February 11, 2022 @ 5:43 pm By JD Alois  |  

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

January 31, 2022 @ 3:30 pm By JD Alois  |  

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

January 27, 2022 @ 10:57 am By JD Alois  |  

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

January 12, 2022 @ 5:24 pm By JD Alois  |  

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

December 27, 2021 @ 3:06 pm By JD Alois  |  

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

November 19, 2021 @ 6:36 pm By JD Alois  |  

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

November 11, 2021 @ 12:40 pm By JD Alois  |  

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

November 6, 2021 @ 2:18 pm By JD Alois  |  

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

November 6, 2021 @ 1:11 pm By JD Alois  |  

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

October 28, 2021 @ 3:39 pm By JD Alois  |  

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

October 26, 2021 @ 4:39 pm By JD Alois  |  

  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

October 4, 2021 @ 3:15 pm By JD Alois  |  

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

August 26, 2021 @ 11:09 am By JD Alois  |  

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

August 19, 2021 @ 11:07 am By JD Alois  |  

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

August 16, 2021 @ 4:21 pm By JD Alois  |  

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