U.S. Rep. Tom Emmer (R-MN) last week said he intends to introduce a bill that would bolster the nation’s securities law to help provide regulatory certainty for digital assets and other emerging technologies.
“Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network,” Rep. Emmer said during the Oct. 23 U.S. House Financial Services Committee’s hearing entitled, An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.
Rep. Emmer, who serves as ranking member of the House Financial Services Committee’s Task Force on Financial Technology, announced his forthcoming bill during comments and questions he posed to Facebook Chairman and CEO Mark Zuckerburg, the committee’s sole witness during the hearing.
The legislation would provide regulatory certainty and permit companies that have complied with current securities registration requirements, or that have qualified for a security exemption, to distribute their assets to the public without additional securities regulation, said Rep. Emmer, who is also co-chair of the Congressional Blockchain Caucus.
“I am hopeful this non-partisan legislation will receive strong support and help ensure investment in the United States for these extraordinary technologies,” which are commodities, Rep. Emmer said during the hearing.