Republican congressman Tom Emmer has returned to the US Congress with a bilateral crypto bill after an unsuccessful bid to push crypto regulation through in September.
The congressman will count on a bilateral approach, securing endorsement from his democratic colleagues, Darren Soto of Florida and Ro Khanna of California.
Having a bilateral bill gives it a better chance of succeeding at clearing committees and perhaps even hitting the house and senate floors if successfully voted on.
Emmer has not strayed from the original bill he introduced in 2020, with the draft law being an exact replica.
The bill looks into how the Securities Act of 1993 can apply to modern-day finance and specifically cryptocurrencies. According to the Act, an investment contract can be a security but a token or a coin associated with it is not necessarily considered as such.
According to Emmer, the US has actively “discouraged the development of the digital asset sector”.
To put it another way, the bill aims to give future token sales a fighting chance and possibly avoid a repeat of the Ripple v. SEC lawsuit, which is ongoing with the regulator stipulating that Ripple held an unauthorized securities sale.
While the US has repeatedly called for regulatory clarity, there seems to be little movement on the matter.
Just about everyone who examines securities laws in the country agrees that when applied to cryptocurrency, these regulations remain unclear.
SEC commissioners Hester Peirce and Elad Roisman have called for unified action so that a more clear-cut framework can be established.