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Ted Budd

Ted Budd (R)

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Notable statements

Rep. Ted Budd has 19 statement(s) about crypto.

"The United States has a huge economic opportunity with #crypto. We need to seize it. #blockchain #Bitcoin"

@RepTedBudd December 8, 2021 on Twitter

"As the Biden administration wades into #DigitalAssets policy, they must remember that overregulation will drive this new industry -- and the jobs it will create -- overseas. Congress must lead on this & embrace the next generation of innovation. #Crypto"

@RepTedBudd March 9, 2022 on Twitter

"A new provision in the COMPETES Act would allow the Treasury Department to unilaterally prohibit certain financial transactions *without* public input. I've submitted an amendment to fix this massive mistake. #crypto #blockchain The Treasury Department should not have unilateral authority to make sweeping economic decisions without full due process of rulemaking. This draconian provision would not help us compete with China, it would employ China’s playbook to snuff out financial innovation in America."

@RepTedBudd January 27, 2022 on Twitter

"Glad to see that the damaging anti-#Crypto provision in the COMPETES Act will be changed. Public input is essential before implementing drastic regulations. #Blockchain"

@RepTedBudd January 21, 2022 on Twitter

"Really troubling news that the Office of the Comptroller of the Currency is putting anti-#crypto stipulations on private finance companies. This is a slippery slope that the federal government should *not* head down."

@RepTedBudd January 19, 2022 on Twitter

"Given @BrianBrooksUS's previous experience as head of the OCC, I asked him if the U.S. government is "behind the curve" when it comes fostering a pro-growth environment for #crypto. His answer: "Unquestionably." This has to change. #Bitcoin #cryptocurrency"

@RepTedBudd December 8, 2021 on Twitter

"I had a great time attending an informative #Crypto briefing with SEC Commissioner Hester Pierce today. We have to make sure the next generation of tech comes from America."

@RepTedBudd February 4, 2022 on Twitter

"Taxing everyday #crypto investors & innovators like this will undermine U.S. leadership in this industry. Totally self-destructive."

@RepTedBudd July 29, 2021 on Twitter

"GM to everyone besides Hillary Clinton, who has an outdated view of new financial technologies like #crypto & #Bitcoin. I guess it makes sense. She still struggles with email."

@RepTedBudd November 19, 2021 on Twitter

"We want the next generation of digital banking to built right here in the USA, not pushed overseas. The amendment from @SenLummis, @SenToomey, & @RonWyden is a positive step to ensure innovation continues to thrive in America. #Crypto #cryptocurrency"

@RepTedBudd August 5, 2021 on Twitter

"I asked CFPB Director Rohit Chopra whether he had any intention to use his regulatory authority to crack down on #Crypto or #blockchain. His response: "No.""

@RepTedBudd October 27, 2021 on Twitter

"Even more reason for the United States to be a leader in #crypto. The #CCP is only out to serve their authoritarian, communist agenda."

@RepTedBudd May 19, 2021 on Twitter

"Encouraging to hear the @SECGov Chairman confirm that the SEC has no plans to ban #crypto or #bitcoin. As China doubles down on authoritarian bans, America needs to be open to new financial tech. @FinancialCmte"

@RepTedBudd October 5, 2021 on Twitter

"Glad to join a bipartisan group of lawmakers to propose a fix to the #crypto tax provisions in the infrastructure bill. The U.S. needs to be leading the world in digital asset development instead of overregulating it and pushing it overseas."

@RepTedBudd November 18, 2021 on Twitter

"The infrastructure bill's $30 billion in #crypto taxes would destroy American jobs by forcing digital innovation offshore to countries like China. America should be leading the world on this."

@RepTedBudd August 3, 2021 on Twitter

"The best way to defeat Islamic terrorism is to cut off their cash-flow. That's why the House passed two of my bills to crack down on terrorists who use cryptocurrency to finance their evil acts."

@RepTedBudd August 14, 2020 on Twitter

"We need to approach #crypto the American way: By embracing new technology & allowing innovators to create things that will better our lives. Check out my latest op-ed in @WashTimes ⬇️⬇️⬇️"

@RepTedBudd October 26, 2021 on Twitter

"Great roundtable discussion this morning with @nfib_nc. We discussed tax reform, access to capital and crypto currency regulations. I was also honored to receive their Guardian of Small Business award for my 100 percent rating with NFIB for protecting small businesses."

@RepTedBudd August 29, 2018 on Twitter

"Democrat leadership is shutting out the voices of those who want to keep 21st-century innovations in America. We cannot pay for the so-called infrastructure bill on the backs of everyday #crypto investors. #Bitcoin #cryptocurrency"

@RepTedBudd August 25, 2021 on Twitter

Crypto bill sponsorship

Rep. Ted Budd has put out 8 crypto bills.

Financial Technology Protection Act

H.R. 296

117th Congress

Sponsored
Bill pending

This bill provides for the investigation of new financial technologies (e.g., digital currencies) and their use in terrorism and other illicit activities.

Specifically, the bill establishes the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, which must research terrorist and illicit use of new financial technologies and issue an annual report.

The Department of the Treasury must establish a fund to provide a reward for a person who provides information leading to the conviction of an individual involved with terrorist use of digital currencies.

Additionally, the bill establishes the FinTech Leadership in Innovation and Financial Intelligence Program to support the development of tools and programs to detect terrorist and illicit use of digital currencies.

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.

Eliminate Barriers to Innovation Act

H.R. 1602

117th Congress

Co-sponsored
Bill pending

This bill requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly establish a working group on digital assets. The working group must (1) report on the impact of the U.S. legal and regulatory framework on the digital asset market; and (2) provide recommendations regarding digital asset market fairness and integrity, cybersecurity standards, and the reduction of fraud and manipulation.

Token Taxonomy Act

H.R. 1628

117th Congress

Co-sponsored
Bill pending

This bill specifies that digital tokens, such as those used in virtual currencies, are not securities for regulatory purposes. The bill also provides for the tax treatment of virtual currencies, including by excluding from gross income any gains from virtual currency transactions up to $600, retroactive to January 1, 2021.

Virtual Currency Consumer Protection Act of 2021

H.R. 5100

117th Congress

Co-sponsored
Bill pending

This bill directs the Commodity Futures Trading Commission to report on the potential for price manipulation in virtual currency markets.

U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021

H.R. 5101

117th Congress

Co-sponsored
Bill pending

This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and U.S. competitiveness.

Clarity for Digital Tokens Act

H.R. 5496

117th Congress

Co-sponsored
Bill pending

This bill excludes certain offerings of digital tokens (i.e., a digital representation of value or rights recorded on a publicly available ledger) from securities registrations.

The exclusion from securities registration is in effect until the later of 3 years from the date of the first sale of a token or 3 years after the effective date of the bill. During this exclusionary period, the initial development team of a token must disclose every 6 months details of the network—the system of connected devices that create and validate the ledger of transactions. This includes disclosure of the source code, the transaction history, the economics of the token, the plan to achieve network maturity, prior token sales, information regarding the team, trading platforms used, and certain material transactions.

On or before the end of this period, the team must report to the Securities and Exchange Commission regarding the maturity of the network. Network maturity is reached either through decentralization of the network or through network functionality, as specified by the bill. If network maturity is not reached within 3 years, the initial development team must register the tokens as a security.

To Prohibit Federal Agencies from Restricting the use of Convertible Virtual Currency by a Person to Purchase Goods or Services for the Person's Own Use, and for other Purposes

H.R. 6727

117th Congress

Co-sponsored
Bill pending

This bill prohibits federal agencies from restricting a person's use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.

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