The U.S. lawmakers are meeting venture capitalists and industry reps to discuss the crypto regulatory scenarios
Cryptocurrency startups and representatives of the topmost U.S.-based financial institution are going to meet Washington lawmakers on Tuesday to have a discussion on the regulatory scenario surrounding cryptocurrency, reported CNBC on September 24.
The meetup is dubbed “Legislating Certainty for Cryptocurrencies” and according to the report, Rep. Warren Davidson (R-Ohio) will host it. Delegates will try to tackle the issues related to policy-making in terms of the new asset class in the run-up to the presentation of a bill by Davidson this fall in the House of Representatives.
Sending a letter to the attendees, Davidson reportedly listed down eight questions for the discussion, noting “your input is critical to helping us preempt a heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market.” Issues like customer protection against scams, token insurance laws and regulators intentions to cover private funding disclosure are also going to be discussed.
From the list of invitees, the U.S. Chamber of Commerce, Ripple, Coinbase, Circle with representatives from Fidelity, Anderson Horowitz and Nasdaq have reportedly confirmed attendance. Inauguratory remarks will be delivered by Rep. Ted Budd, (R-NC), Tom Emmer, (R-MN), Darren Soto (R-FA) and French Hill, (R-AK).
Rep. Emmer, on September 21, revealed his intention to present three bills to support cryptocurrencies and blockchain, with main focus towards the development of blockchain technology, along with creating a safety net for taxpayers with “forked” cryptos. Emmer noted, “taxpayers can only comply with the law when the law is clear.”
Parallel to this development this month, U.S. lawmakers called on the Internal Revenue Services (IRS) to issue crypto taxation guidance which is “comprehensive” and clarified. Asserting on lawmakers argued that although the IRS has been reminding taxpayers continuously of the penalties for non-compliance with its guidance still it’s failure to introduce strong taxation framework “severely hinders taxpayers” to complete their duty.