Bitcoin [BTC] and cryptocurrency regulations discussed by US Congress members in a letter to the SEC

The mainstream adoption and regulation of cryptocurrencies are being discussed again with members of the House of Representatives sending a letter to Jay Clayton, Chairman of the Securities and Exchange Commission [SEC] on Friday, 28th September.

The main issue that was being discussed via the letter was the creation of a distinction between digital assets that can be considered as securities and cannot be considered under that category. The members of the House urged Jay Clayton, to oblige them and form strict and articulate guidelines that would help in the adoption and consideration of cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH].

At press time, the SEC still considers most of the cryptocurrencies as securities, ruling over it using the same laws that are applied for stocks. Although there have been multiple reports earlier to coax the committee to update the laws pertaining to cryptocurrencies, Jay Clayton and the SEC have been steadfast in stating that no updates will be made.

The SEC needs the support of the Congress to make any provisional change in the laws. The letter stated:

“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”

The concerns and discussion points raised in the letter comes in the wake of a roundtable that occurred in Washington just this week. The meeting’s details were touched upon by Carla Carriveau, Circle’s Senior Regulatory Counsel who had stated that the roundtable was a way to establish the legislative pointers around the field of blockchain technology and cryptocurrencies.

She continued to say that the panelists at the roundtable were in tune with the cryptocurrency industry and even made valid points about regulation and adoption. Last week, a group of US bureaucrats led by Kevin Brady had implored the point of taxation of cryptocurrencies to the Internal Revenue Services [IRS]. The letter said:

“We, therefore, write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies.”

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