It was initially proposed in December last year and was aimed at excluding digital currencies being defined as securities by amending the Securities Acts of 1933 and 1934.
The press release notes that the new version of the bill differs from the one that was proposed last year. It states that preemption provisions were included the Act that would supercede “heavy-handed” regulations like New York’s “onerous” BitLicense. The law also provides for the introduction of regulatory certainty for enterprises and regulators in the U.S. blockchain industry, as well as clarifying conflicting state initiatives and regulatory rulings that have confused the issue.
Rep. Darren SOTO commented on the bill:
“It is time for the United States to step up and lead in blockchain technology. <...> This is an important step to promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors.”
Against the background of the development of European and Asian markets for digital assets and blockchain, this law is necessary to maintain the US competitiveness on the global market.
Image courtesy of Cryptocurry