Cryptos to be Exempted From Current Security Laws in Ohio

Cryptos to be Exempted From Current Security Laws in Ohio

cryptocurrency law in Ohio

Just recently, the State of Ohio made history by being the first U.S state to collect tax payment making use of cryptocurrency— Bitcoin. Based on a recent report Warren Davidson, a United States Congressman representing Ohio has made it known that he would be proposing a bill which will help with the “regulation of ICOs (Initial Coin Offerings) and cryptocurrencies as a different asset class thus exempting them from current securities laws.”

Congressman Davidson

Congressman Davidson represents Ohio’s 8th District and he has been a great advocate for the crypto industry in the United States.

He made this known at a recent event— the Blockland Solutions Conference held in Cleveland, Ohio. The four days event hosted major names in the blockchain industry. Such as:
*.Joseph Lubin – Ethereum Co-founder and Founder of Consensys
*.Mark Hurd – CEO, Oracle Corporation
*.Jerry Cuomo – IBM Fellow, Vice President, Blockchain Technology, IBM
*.John Donovan – CEO AT&T Communications
*.Jeremy Gutsche – CEO, Trend Hunter AI and bestselling Author
*.Jason Kelley – General Manager, Blockchain Services, IBM
*.Beth Mooney – Chairman and CEO, KeyCorp
*.Larry Sanger – Wikipedia Co-founder and Chief Information Officer of Everipedia
*.Nick Szabo – Inventor of Smart Contracts and Bit Gold
*.Alex Tapscott – Author, Blockchain Revolution and Co-founder of Blockchain Research Institute

The new bill is suspected to be a result of the recent discussions Mr Davidson organised which involved 32 cryptocurrency organizations. The purpose of the discussion which took place in August was to discuss ICO regulation.

Not Yet Public

Davidson has also made it clear that the new bill has not been made public yet, however, it will soon be made public.

Davidson is of the strong belief that since the new bill helps with providing clarity into the crypto industry, all hands will be on deck towards ensuring that the new industry thrives and receives all the support it needs