Rep. Warren Davidson has a such a stellar reputation among cryptocurrency enthusiasts for his work promoting laws to nurture America’s burgeoning blockchain industry that Bitcoin Magazine dubbed him the “Crypto Congressman.” But to hear him tell it, he hasn’t exactly had a lot of competition.
When the Ohio Republican became a member of the House Financial Services Committee after winning a 2016 special election for Congress, one of his first priorities was to raise awareness of cryptocurrencies. He found, however, that “the level of understanding inside Congress on crypto and blockchain more broadly was was pretty low,” he told MarketWatch in an interview.
But that is starting to change, as it becomes clear the cryptocurrency experiment is not going away any time soon, Davidson said. He said that his colleagues are becoming informed on the issue, with some recognizing the need to collaborate with the Securities and Exchange Commission to create new rules that would provide clarity for the emerging industry to succeed or fail on its own strengths, rather than be smothered by bureaucratic indecision.
Now, Davidson is optimistic that Congress and the SEC can come to an agreement relatively soon that will create a bright-line test to determine whether a crypto token will be considered a security or an asset. That’s a critical question since securities, but not assets, face strict oversight by the