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Jake Auchincloss

Jake Auchincloss (D)

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Notable statements

Rep. Jake Auchincloss has 2 statement(s) about crypto.

"The best thing Congress can do to promote Web3 is to designate a primary regulator to audit stablecoins. Thread ⬇️ This primary crypto regulator should be tech & market-structure neutral, and eventually fulfill 3 mandates: 1. Compel disclosure and transparency 2. Prevent fraud & abuse 3. Promote the efficiency and resilience of the market This regulator should also work with a self-regulatory organization, as a counterpart in the private sector, to establish a rule book for: ✅ Spot & derivatives listings ✅ Custody requirements ✅ Token issuance ✅ Asset servicing, amongst other categories. The current enforcement-based regulatory system, in which entrepreneurs must negotiate with the SEC or the CFTC on a one-off basis, is not fair, efficient, or conducive to US-based innovation. Congress must provide clarity and predictability by statute, and I stand ready to work with both my Democratic and Republican colleagues to provide that. The rules of the road for Web3 can be a bipartisan initiative."

@RepAuchincloss December 9, 2021 on Twitter

"As we build back better, we must ensure appropriate taxation and regulation of the #cryptocurrency industry."

@RepAuchincloss November 17, 2021 on Twitter

Crypto bill sponsorship

Rep. Jake Auchincloss has put out 1 crypto bill.

Keep Innovation in America Act

H.R. 6006

117th Congress

Co-sponsored
Bill pending

This bill expands the definition of broker, for purposes of tax information reporting, to include any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers. It also provides for reporting requirements for digital assets (i.e., any digital representation of value that is recorded on a cryptographically secured distributed ledger).

The bill requires a study and a report on the treatment of digital assets as cash for purposes of reporting requirements for cash payments of more than $10,000.

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