A US congressman has invited 32 prominent representatives of the cryptocurrency industry to Washington in order to discuss future ICO legislation.
Warren Davidson, the Republican representative for Ohio is to discuss measures to be introduced by the Securities and Exchanges Commission (SEC) this coming autumn after discussions between the Commission and Davidson’s office.
Davidson sits on The United States House Committee on Financial Services, which is responsible for overseeing the entire financial services industry, including the securities, insurance, banking, and housing industries.
Those representatives of the industry invited to Capitol Hill for the September forum are listed as Andreessen Horowitz, Circle, CME Group, Coin Center, CoinList, Harbor, Intercontinental Exchange, Kraken, Nasdaq, Ripple, Union Square Ventures and some others.
Congressman Davidson describes the meeting as design to offer a “light touch” to current ICO regulation before the new bill goes to US Congress later this year. He commented:
“I intend to lead legislation for initial coin offerings to clarify the role of regulators, protect consumers, address national security concerns, and facilitate a pro-growth environment for businesses to raise capital.”
The forum is an interesting development, in the sense that until now there has been little direct interaction between the SEC and leaders from within the cryptocurrency industry. Although Davidson is not actually a member of the governments’ regulatory body, his subcommittee on the United States House Committee on Financial Services does oversee SEC work and has significant influence.
The congressman is thought to be discussing existing issues within the industry in the forum, such as unsuccessful ICOs and the difficulties of some to go public, along with the formulation of clearer rules to cover the diversity of tech companies entering the market.
Another factor which is sure to be raised by the industry representatives gathered on September 25th is SEC requirements and rules, as they apply to the cryptocurrency industry as a whole.
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