Republicans are dissatisfied at the slow pace at which the Biden Administration defines cryptocurrency as a currency, commodity, or security. The US Security and Exchange Commission, (SEC), defends its path and stresses its mission to protect investors.
Republican legislators have filed a new bill again to establish a regulatory framework in Florida for cryptocurrency. These filings follow a House vote that unanimously approved a similar bill in the last Session. However, the bill was later killed by the Senate.
This bill would clarify some confusion following the 2019 ruling in Florida. Espinoza. The court ruled that bitcoin owners cannot sell them without a license.
After Sen. Jeff Brandes voted for the measure, GOP Sen. Jason Brodeur was named the sponsor of this year’s Senate bill (SB 486). Republican Rep. Vance Aloupis will again lead the House version in the upcoming 2022 Session.
“Cryptocurrency has exploded into the financial world and has provided us an innovative and efficient way to engage in the marketplace,” Brodeur said in a statement.
“States like Wyoming and Delaware have already taken the initiative and codified how this type of currency can be used; now it’s time for Florida to step up and join the 21st century,” Brodeur added.
Although the SEC has made small progress towards cryptocurrency regulations, the US Senate Republicans claim that the commission is taking enforcement actions before issuing clear and concise rules to the industry. GOP members testified before the committee and spoke out against Gary Gensler, SEC Chair for providing a vague definition of cryptocurrency.
Without explaining whether a digital asset is a commodity, security, or a currency, the Biden administration and his cohorts pushed through with their efforts to crippled the crypto industry.
“Gensler will say bitcoin and Ethereum are not securities, they look like commodities. But then he says stable coins are a security,” said Republican Senator Pat Toomey of Pennsylvania.
“I am just asking the SEC to provide some clarity. Let us know why you think this is a security. What are the characteristics of cryptocurrency that makes it a security so people will know?” Toomey added.
Toomey and fellow GOP senator Cynthia Lummis from Wyoming, lead Congressional efforts to expand cryptocurrency. They sponsored an unsuccessful amendment to the $1trn infrastructure legislation in October. Lummis has more than $100,000 in bitcoin and advocates for solid regulation to ensure that cryptocurrency continues to be a driver of innovation.