Congressman Tom Emmer (R-Minn) reintroduced his bipartisan Securities Clarity Act with Congressman Darren Soto (D-Fla). The legislation aims to bring "regulatory clarity to the digital assets ecosystem."
The Securities Clarity Act creates a distinction between "an asset and the securities contract it may or may not be a part of and will enable digital asset projects to reach their full potential in a regulatory-compliant way."
The Act specifies that "any asset sold as the object of an investment contract, now defined as an 'investment contract asset' is distinct from the securities offering it was originally a part of. This definition is technology-neutral and applies to all assets sold or offered that would only be considered a 'security' because of their inclusion in an investment contract."
Congressman Emmer said: "Until we have a clear definition of what is a commodity and what is a security, American innovation will continue to suffer. Entrepreneurs need clarity to calculate risk accurately, create new investment opportunities and grow our economy. Our legislation will help provide these answers and allow American investors to fully participate in digital asset technology without sacrificing consumer protections."
Congressman Soto said: "This bill will add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States—an important step in maximizing the potential of virtual currencies for the U.S. economy while protecting customers and the financial well-being of investors."
The full text of the bill is available here.