{"id":10674,"date":"2023-05-18T20:51:45","date_gmt":"2023-05-19T00:51:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-lawmakers-reintroduce-securities-clarity-act-which-coins-new-term\/"},"modified":"2023-05-18T20:51:45","modified_gmt":"2023-05-19T00:51:45","slug":"us-lawmakers-reintroduce-securities-clarity-act-which-coins-new-term","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10674","title":{"rendered":"US Lawmakers Reintroduce Securities Clarity Act Which Coins New Term"},"content":{"rendered":"
\n

US lawmakers introduced a bill on Thursday that aims to clarify how digital assets are labeled, in part through a new term coined an \u201cinvestment contract asset.\u201d<\/p>\n

Reps. Tom Emmer, R-Minn., and Darren Soto, D-Fla., reintroduced the Securities Clarity Act, with backing from crypto advocacy groups in Washington D.C.<\/p>\n

Emmer first introduced the bill in 2020, which would define an \u201cinvestment contract asset\u201d as distinct from the securities offering it was a part of.<\/p>\n

\u201cThis definition is technology-neutral and would apply to all assets sold or offered that would only be considered a \u2018security\u2019 because of their inclusion in an investment contract,\u201d according to a statement<\/u> from Emmer\u2019s office.<\/p>\n

Without a distinction between the asset and the securities contract, token projects that have to raise capital in the early stages will not be able to \u201cmove out of the securities framework once the project is decentralized, preventing these tokens from being used for their utility, which will only harm token holders,\u201d his office said.<\/p>\n

Crypto groups applauded the bill\u2019s move to make a distinction between an investment contract and an underlying asset.<\/p>\n

\u201cThe Securities Clarity Act is crucial legislation that provides much needed certainty for investors, consumers, and businesses by reaffirming the difference between an investment contract and digital assets sold or transferred under the terms of an investment contract,” said Perianne Boring, Founder and CEO of the Chamber of Digital Commerce in a statement.<\/p>\n

Long history<\/h2>\n

A 1946 US Supreme Court case, often referred to as the Howey Test, has determined whether a transaction qualifies as an investment contract and would therefore be deemed a security.\u00a0<\/p>\n

The US Securities and Exchange Commission has repeatedly referenced it when deciding which cryptocurrencies are securities.\u00a0<\/p>\n

SEC Chair Gary Gensler has said most cryptocurrencies<\/u> are investment under the Howey Test.\u00a0<\/p>\n

\u201cMy predecessor Jay Clayton said it, and I will reiterate it: Without prejudging any one token, most crypto tokens are investment contracts under the Howey Test,\u201d Gensler said in September.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

US lawmakers introduced a bill on Thursday that aims to clarify how digital assets are labeled, in part through a new term coined an \u201cinvestment contract asset.\u201d Reps. Tom Emmer, R-Minn., and Darren Soto, D-Fla., reintroduced the Securities Clarity Act, with backing from crypto advocacy groups in Washington D.C. Emmer first introduced the bill in […]<\/p>\n","protected":false},"author":1,"featured_media":10675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-10674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUS Lawmakers Reintroduce Securities Clarity Act Which Coins New Term | iFintechWorld<\/title>\n<meta name=\"description\" content=\"US lawmakers introduced a bill on Thursday that aims to clarify how digital assets are labeled, in part through a new term coined an \u201cinvestment contract\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10674\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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