Legislative Landscape in Crypto Innovation

U.S. House Representative, Warren Davidson, contextualizes the state of crypto legislation in terms of widespread civil unrest, COVID-19, and global shifts in power. He explains where crypto plays a role in these paradigm shifts and talks about:

• Why he believes in crypto, and how he came into the space
• How his Token Taxonomy Act creates regulatory clarity for token issuers
• What four conditions tokens would have to meet to not be considered securities
• Other features of the Token Taxonomy Act, including a de minimus exemption for taxes and no taxation of crypto-to-crypto trades
• How the pandemic and coronavirus-related fiscal stimulus affects the prospects for the Token Taxonomy Act
• What he thinks about China's blockchain push and its DCEP digital yuan
• Whether and how that creates a credible threat to US dominance in global markets
• Whether Libra could be a counterweight
• How a shift toward digital currencies could undermine the global reserve status of the USD and whether that affects the US's ability to enforce sanctions
• How outcomes of the upcoming election will affect the potential passage of crypto-friendly regulation
• Why it is easier for crypto legislation to be more bi-partisan than other bills  
• What help he needs from the industry right now to push along crypto-friendly bills

Thank you to our sponsors! 

Crypto.com: https://crypto.com

Kelman Law: https://crypto.law  

Stellar: https://www.stellar.org

Episode links: 

Rep. Warren Davidson: https://twitter.com/WarrenDavidson

His House page: https://davidson.house.gov

Press release on the Token Taxonomy Act: https://davidson.house.gov/media-center/press-releases/token-taxonomy-act-address-blockchain-innovation-flight-america

Token Taxonomy Act on GovTrack: https://www.govtrack.us/congress/bills/116/hr2144

Text of the Token Taxonomy Act: https://www.govtrack.us/congress/bills/116/hr2144/text

Letter requesting IRS clarify some crypto tax policies: https://www.coindesk.com/us-lawmakers-ask-irs-to-clarify-crypto-tax-rules-around-airdrops-forks-in-new-letter

Congressman Patrick McHenry on Unchained discussing his “permanent beta testing” idea for crypto: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/

Unchained interview on the DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Unchained interview with Libra co-creator Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/

Unchained with Christopher Giancarlo on his proposal for a digital dollar: https://unchainedpodcast.com/christopher-giancarlo-on-the-craziness-of-becoming-crypto-dad/

Secretary Steve Mnuchin on Libra and a digital dollar: https://www.bloomberg.com/news/articles/2019-12-05/mnuchin-powell-see-no-need-for-fed-to-issue-digital-currency

Video in which Rep. Davidson says “shitcoin”: https://www.coindesk.com/lawmakers-amp-up-pressure-on-facebook-to-halt-libra-cryptocurrency-development

Meltem Demirors and Jill Carlson on the Shitcoin Waterfall on Unchained: https://unchainedpodcast.com/meltem-demirors-and-jill-carlson-on-the-shitcoin-waterfall-ep-74/taxes

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