About this episode
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 Learn more about your ad choices. Visit megaphone.fm/adchoices