Washington, DC — Today FS Vector’s John Collins commended the introduction of two new bills by Reps. Darren Soto (D-Fla.-9) and Ted Budd (R-N.C.-13) on digital assets:
“With the role of digital assets evolving rapidly, it’s encouraging to see Members of Congress taking an active interest in these issues. Aligning the terminology and weighing appropriate oversight of the industry will be essential to reducing uncertainty in the market and maintaining America competitiveness in the global race to dominate digital finance. We’d like to thank Reps. Soto and Budd for their leadership and thoughtful approach to regulatory treatment of digital assets and the businesses being built to support them.”
The two proposals are called the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018 and the Virtual Currency Consumer Protection Act of 2018. Together the bills would study existing U.S. regulation of virtual currencies and compare it to other countries’ approaches to oversight. The study also would identify potential benefits of digital assets and the blockchain to the U.S. commodities market. One bill would require a universal definition of “virtual currency,” which is not yet established in U.S. law. Lastly, the proposals request recommendations for any legislative changes needed for agencies to promote U.S. competitiveness, encourage adoption of these technologies and clarify which currencies are commodities.
John Collins is a seasoned expert on regulatory and legislative policy change in the industry. Collins previously served as Head of Policy at Coinbase and Vice President of International Policy at the Bankers Association for Finance and Trade. During his time as a senior staffer in the United States Senate, he organized the first Congressional hearing on cryptocurrencies and blockchain.
FS Vector is an advisory firm dedicated to helping innovative financial-services companies implement fintech and regtech initiatives, establish best practices, and navigate complex regulatory and legislative challenges. FS Vector works with companies across a variety of development stages – from start-ups that are addressing regulatory issues and building compliance programs for the first time; to growth-stage companies looking to scale and expand their offerings or geographic footprints; to mature financial institutions leveraging regtech and fintech solutions. To learn more, visit fsvector.com.
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Rosemarie Calabro Tully
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