[Congressional Record Volume 164, Number 74 (Tuesday, May 8, 2018)]
[House]
[Pages H3788-H3789]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                LEGISLATION NEEDED FOR DIGITAL CURRENCY

  (Mr. DAVIDSON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DAVIDSON. Mr. Speaker, I rise today to discuss digital currency, 
particularly initial coin offerings.
  These innovations have outpaced regulators and the courts. Now, 
regulators and courts are beginning to weigh in.
  Meeting with agency officials and industry leaders makes one thing 
clear: Making the markets work in the United States of America requires 
legislative certainty. Failure for Congress to act produces 
uncertainty, and that will drive capital and innovation offshore.
  Our task is to answer questions like: How are these tokens traded? 
Are they securities or commodities? Who is the proper regulator? How do 
we prevent fraud? These are just some of the questions that need 
answers.
  Congress needs to act by passing legislation that creates certainty 
and turns the United States into a market maker. I intend to lead this 
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 
here in America.

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