Congress Urged to Step Up Cryptocurrency Legislative Efforts

Stakeholders in the cryptocurrency industry have urged the U.S Congress to step up its legislative efforts or risk seeing the country fall behind in the emerging global cryptocurrency and blockchain technology narrative.

Securities Laws Inadequate for Virtual Currency Oversight

Recently, Rep. Warren Davidson (R-Ohio) hosted over fifty digital currency leaders to a roundtable discussion at the Capitol Hill. Other attendees included Andreessen Horowitz, Nasdaq and the U.S. Chamber of Commerce.

One of the top issues discussed was the regulation of cryptocurrency markets. According to CNBC, the chief policy officer at Coinbase, Mike Lempres, said that all the crypto industry wanted was a fair regulation of the virtual currency market. Lempres further stated that the Congress should try new methods of regulation.

Another issue that was brought forward was the application of the Howey Test to cryptocurrencies. The securities law originated from a Supreme Court decision in 1946, which…