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Warren Davidson

Warren Davidson (R)

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Notable statements

Rep. Warren Davidson has 33 statement(s) about crypto.

"Crypto is no longer new. @SECGov and @CFTC have not worked with Congress to provide regulatory clarity. Instead, @SECGov has selectively enforced opaque regulations, issued fake guidance, and tied legit companies up with endless paperwork drills - driving Americans offshore. Sad."

@WarrenDavidson May 24, 2022 on Twitter

"Freedom & free markets are grappling for more than a voice in a GOP controlled by big government status quo Republicans. Vaccine mandates + passports, women’s sports, healthcare, immigration, privacy, big tech, crypto, etc reveal divisions that need resolved in 2022. Most House GOP, for example, plan to submit to DC’s vaccine passport system by showing papers to enter public venues. The bar to oppose vaccine passports is really low: order take out, cater, or drive 5 miles to Virginia. Surrender & silence rather than fighting for GOP voters?"

@WarrenDavidson January 16, 2022 on Twitter

"#Bitcoin didn’t do this👇"

@WarrenDavidson November 19, 2021 on Twitter

"Big news from El Salvador! Nice thread explaining how #Bitcoin will likely accelerate development and help the people of El Salvador."

@WarrenDavidson June 6, 2021 on Twitter

"Authoritarians want to use the financial system as a means of control rather than means of exchange and store of value. To #DefendFreedom we must defend #SoundMoney. And don’t buy this dishonest BS on energy; #bitcoin is actually growing investment in renewable energy globally."

@WarrenDavidson June 10, 2021 on Twitter

"In other words, “Please ban Bitcoin #BTC.” No. If not in statute, with coercion. If you don’t see an attack on Proof-of-Work as an attack on #BTC, you understand neither. It’s an attack on the fundamental architecture. Solana offers Proof-of-History as a distinctive alternative. Numerous others offer Proof-of-Stake. How integral is Proof-of-Work to #BTC ? It’s in the abstract of the whitepaper…"

@WarrenDavidson June 10, 2021 on Twitter

"Lots of reasons to be optimistic about #crypto after yesterday's hearing, but It’s vital that we protect the ability to self-custody our digital assets if we want to achieve a truly trustless, peer-to-peer network."

@WarrenDavidson December 9, 2021 on Twitter

"You know #Bitcoin is an important part of defending freedom when it’s under attack by these people. Don’t be fooled. An attack on Proof-of-Work is an attack on #BTC. More freedom. Less government. #SoundMoney"

@WarrenDavidson December 9, 2021 on Twitter

"Who indeed! “It’s Congress job, not Gensler’s, to make crypto law. Everyone who cares about the future of crypto should demand legislation which makes the rules clear—for the people and the SEC.” ⁦ @RepDarrenSoto and I have the bipartisan solution. The Token Taxonomy Act has been begging for a hearing since 2018. Ask that @RepMaxineWaters and @PatrickMcHenry notice it for the 12/8/21 House Financial Services Commitment hearing on “Digital Assets and the Future of Finance”. #PassTTA"

@WarrenDavidson December 5, 2021 on Twitter

"Question: How do you avoid having a third party stop your crypto withdrawals? Answer: Self-custody. We need to protect the right for individuals to maintain private #crypto wallets."

@WarrenDavidson November 1, 2021 on Twitter

"Our office will be introducing legislation in the US House of Representatives shortly to protect Americans from this version of overt theft. Please let your Member of Congress and Senators know… A number of people will undoubtedly recognize that, “Bitcoin fixes this.” That’s only true with self-custody. Account-based crypto has similar vulnerabilities. We also have a bill protecting self-custody: the Keep Your Coins Act."

@WarrenDavidson February 15, 2022 on Twitter

"#blockchain Unfortunately, many do not yet grasp the significance of blockchain. Please help Congress with information: easy 1-min video illustrations of use cases & tokens. Explain how DL eliminates intermediaries, tokens ≠ Bitcoin, good laws protect consumers & markets, etc.->"

@WarrenDavidson February 12, 2021 on Twitter

"Interesting. “Now the most valuable form of money in Ukraine is crypto. Everyone wants crypto because this is the fastest, the most flexible, easiest, and least bureaucratic way to store and spend your money. Crypto is the new king of money in Ukraine.”"

@WarrenDavidson April 3, 2022 on Twitter

""If the U.S. #blockchain industry ever is to have a fighting chance in the global market, #Congress must remove the anchors from the industry's feet." This is correct. By dragging its feet, Congress is giving China & Russia a head start in their quest for #crypto dominance."

@WarrenDavidson February 7, 2020 on Twitter

"🤔 Perhaps Americans will soon have an actual Bitcoin ETF? Like Canada, UK, Switzerland, and others…"

@WarrenDavidson October 14, 2021 on Twitter

"I'm looking forward to hearing from Chairman Gensler on how the @SEC will approach #cryptocurrency regulation and possible solutions to modernize settlement. #T0 #GameStopHearing"

@WarrenDavidson May 7, 2021 on Twitter

"So excited that there's bicameral support for #crypto clarity in Congress. If we do this right, we will cement the US as the leader in innovation and entrepreneurship. #Bitcoin2021"

@WarrenDavidson June 4, 2021 on Twitter

"The #crypto industry deserves regulatory clarity when it comes to yield products and #stablecoins. I’m glad to be joined by @RepTomEmmer, @RepTedBudd, @RepAGonzalez & @RepTrey in requesting this clarity from SEC so that innovation can thrive in the USA."

@WarrenDavidson October 28, 2021 on Twitter

"Next week House Financial Services will mark up crypto bills. Unfortunately, #TokenTaxonomyAct isn’t on the list. Thankfully, @kloeffler in the @SenateGOP will be in a position to help provide light-touch regulatory certainty for digital assets. Securities≠ Commodities≠ Goods"

@WarrenDavidson December 6, 2019 on Twitter

"Great explanation for why Congress needs to protect Web3 from the destroyers and their allies…"

@WarrenDavidson September 27, 2021 on Twitter

"Here’s a guy who either does not understand Bitcoin, the US monetary system, or January 6th, OR he is willfully misrepresenting them all to deceive others. Sadly, he represents either views held or tactics practiced by a substantial number of my House colleagues."

@WarrenDavidson November 10, 2021 on Twitter

"On October 31, 2008 Satoshi Nakamoto changed the world. Someone, or several people, writing under the pseudonym published the Bitcoin Whitepaper. Beyond Bitcoin, the underlying tech, blockchain, will inspire an infinite # of applications and use cases..."

@WarrenDavidson October 31, 2020 on Twitter

"I joined @RepTomEmmer and colleagues sending a letter to SEC Chair @GaryGensler regarding the SEC crippling crypto in America. We must promote American innovation rather than stifle it with an incoherent mix of bad regulation, selective enforcement, and ongoing inaction."

@WarrenDavidson October 31, 2020 on Twitter

"Does @SenWarren understand that illicit activity accounts for around 1/1024th of total crypto transactions? Or that the giant sanctions loophole for Russian energy is Russia's biggest funding source? Apparently not."

@WarrenDavidson March 8, 2022 on Twitter

"Interesting take, and definitely a substantial factor. I would add that members' views on the Patriot Act tend to align with their views (if formed) on crypto. Pro-spying on citizens is often anti-crypto. Pro-crypto is anti-spying on citizens. It doesn't break on party lines..."

@WarrenDavidson February 21, 2022 on Twitter

"The Bitcoin whitepaper -> genesis -> #SoundMoney The idea, the vision, and the action have together changed the world for good. A rare and amazing feat… With humility and anonymity. Thank you #SatoshiNakamoto."

@WarrenDavidson January 3, 2022 on Twitter

"#GoodNews Thank you @RonWyden! Thankfully crypto isn’t partisan. It was inserted by a Republican - not by Republicans. Similarly, we can be thankful that Senator Elizabeth Warren & Congressman Brad Sherman don’t represent a Democratic Party view on crypto or #FinTech."

@WarrenDavidson August 2, 2021 on Twitter

"🤔 Out of all possible alternatives, why do you suppose Joe Biden nominated someone to regulate banks who: 1. Advocated ending banking as we know it 2. Proposed transfer of bank accounts directly to the Federal Reserve 3. Is hostile to crypto & #Fintech?"

@WarrenDavidson September 30, 2021 on Twitter

"@RepRashida’s STABLE Act confirms that big-government lawmakers view cryptocurrency as a threat. This authoritarian bill will prevent all but the biggest banks from harnessing the technology of #stablecoins & keep the unbanked or underbanked stuck in the same status quo."

@WarrenDavidson December 6, 2020 on Twitter

"I didn’t realize @TheEconomist was about to publish its own manifesto. Ilk referring to Bitcoin? Really? Such contempt for #FreedomMoney reveals either a shocking level of ignorance (improbable) or a highly biased agenda (almost certain)."

@WarrenDavidson March 10, 2022 on Twitter

"#Fact 👇 Thankfully as @TulsiGabbard highlights not all Democrats, and not all Republicans. Often these issues resemble support or opposition to the Patriot Act. Similar split on crypto. Authoritarian v libertarian rather than left v right. All need resolved to #DefendFreedom."

@WarrenDavidson May 3, 2022 on Twitter

"We are living in extraordinary times that have forced us to depend upon digital solutions like never before. The impacts of the Coronavirus are everywhere: from working and teaching remotely to transferring desperately needed funds – the ways in which we engage digitally has only grown. Your agencies are engaged in alleviating the impact of this crisis right now. Blockchain technology is an important resource that the United States must pursue to ensure that we can protect the well-being of our people and ensure economic prosperity. The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus. In addition, convening leaders in both the private and public sectors to meet and develop a coordinated strategy to utilize blockchain technology would help facilitate relief to those impacted by this extraordinary threat. The United States must establish and maintain a digital infrastructure that is reliable, accurate, flexible, and secure. There are numerous examples in which blockchain technology can ease the way in which we interact digitally. Among some of the potential solutions blockchain can assist with include identity, supply chains, and registries. First, simply authenticating an individual’s identity to receive necessary funding or supplies could be facilitated securely with digital identity solutions using blockchain technology. The built-in architecture of blockchains enables seamless identification, for example, when receiving government benefits, while its strong encryption protects sensitive data. Managing our crucial supply chains, in which identifying where supplies originate, their transportation routes, arrival times, and inventories are critical for government and consumers alike, from food safety, to pharmaceuticals, to the medical supply chain. The lack of these fundamental supplies has served as a wake-up call across the nation as we continue to struggle to track, reroute, and deliver necessary supplies to those who need them most. Blockchains can even serve as registries for licensed doctors, nurses, and other health care providers to better enable appropriate identification and possible deployment of these skilled resources in times of crisis. Lastly, blockchain can improve the registries of medical professionals and the necessary certifications and licenses during this time. In addition to identity solutions to verify experience and required qualifications, registries of medical professionals as well as needed personal protective equipment (PPE), among others, could improve deployment and efficiencies of critical resources."

Representative Davidson & Colleagues letter to President Trump, Director Droegemeier, Director Vought, Secretary Azar, Secretary Ross, Director Redfield, Commissioner Hahn, and Administrator Gaynor, September 2, 2020

"Cryptocurrencies and the open blockchain networks they power embody a true technological revolution that promises greater efficiencies, vibrant innovation, and financial inclusion. We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issues guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seek to address, namely forks and airdrops. Moreover, the guidance appears inequitable as it comes almost two years after the Bitcoin and Bitcoin Cash fork and three years after the Ethereum fork. The hypothetical fact patterns concerning forks and airdrops offered in this guidance do not appear to bear a close resemblance to actual forks or airdrops as they have offered in the cryptocurrency ecosystem. Without clear and accurate hypotheticals for taxpayers to measure against, it is difficult to interpret IRS policy as it relates to actual events. In addition to the difficulties with the hypotheticals, the IRS appears to adopt as a standard “dominion and control” over forked or airdropped assets in order to determine when a taxable event occurs. The characterization of this standard in the guidance appears to diverge from established rules in other areas such as the receipt of unsolicited prizes or samples. The guidance appears to suggest that taxpayers may have dominion and control, and this be taxed on forked or airdropped assets when the fork or airdrop occurs, even if the taxpayer has no knowledge, and even if the taxpayer takes no affirmative step, or manifests any intention to claim or access those forked or airdropped tokens. This creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies and would create inqueqitable results. We do not expect this is the intended effect of the guidance, and we urge the IRS to clarify the matter. The guidance also does not contemplate the vast variety of products offered in the cryptocurrency market: futures, retirement accounts invested in crypto assets, adn interest paid on crypto deposits, to name just a few. The IRS needs to provide guidance to taxpayers as to how income related to allc crypto transactions will be treated for tax purposes. In addition, the IRS has failed to provide any clarity for withholding and tax information reporting purposes. Taxpayers rely on forms like 1099 to helo complete their income taxes, and the IRS relies on them to enforce compliance. Since many are either not reporting 1099s at all or are reporting incorrect or incomplete information, it is imperative that the IRS publish clear information in further guidance. Further, we are concerned that the form of the guidance appears to indicate that this is “established” law. We would hope that the IRS recognizes this area as new and developing and will allow for reasonable interpretations in advance of the issuance of the most recent guidance. While we commend the IRS for attempting to issue guidance, we suggest increased work with the industry into the future. As you are likely aware, legislation has been introduced in this Congress to insulate taxpayers from liabilities for forked and airdropped assets until the IRS has provided clarity. We strongly believe that the best path to ensuring tax compliance in the cryptocurrency space is affording users of these technologies what all taxpayers need to deserve: clear statements of the law and thoughtful consideration of the types of enforcement actions that are taken in advance of that clarity. Please provide our offices answers to the following questions to the best of your ability: Does the IRS intend to clarify its airdrop and fork hypotheticals to better match the actual nature of these events within the cryptocurrency ecosystem? When does the IRS anticipate issuing that clarification? Does the IRS intend to clarify its standard for finding dominion and control over forked assets wherein some level of knowledge and actual affirmative steps taken are necessary to find that the taxpayer has dominion and control? Does the IRS intent to apply the current guidance or any future guidance retroactively, or will the IRS issue proposed guidance that is subject to notice and comment? These questions, in particular the first, require clarifications as soon as possible. In spite of the recent guidance, cryptocurrency users continue to lack any meaningful clarity about their tax obligations with respect to forks and airdrops. Ambiguity impedes appropriate tax compliance and unfairly targets taxpayers who may not have the ability to understand the positions the IRS has taken in these matters but who have taken a reasonable position. We hope that the IRS will act consistent with decades-long standards for finding dominion and control in the context of forked assets and require knowledge and affirmative steps to exercise such dominion and control. Lastly, until there is clear guidance that is prospective in nature, we urge the IRS to use its authority for penalty relief in those instances in which taxpayers made a good faith effort to comply."

Representative Davidson & Colleagues letter to Charles Retting, Commissioner of the Internal Revenue Service, December 20, 2019

Crypto bill sponsorship

Rep. Warren Davidson has put out 11 crypto bills.

Token Taxonomy Act

H.R. 1628

117th Congress

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.

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

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.

Consumer Safety Technology Act

H.R. 3723

117th Congress

Co-sponsored
Bill pending

This bill requires various agencies to explore the use of emerging technologies in the context of consumer products and safety. First, the Consumer Product Safety Commission must consult with relevant stakeholders, such as data scientists and product manufacturers, and use artificial intelligence in a pilot program for a least one of the following processes: (1) tracking trends in injuries involving consumer products, (2) identifying consumer product hazards, (3) monitoring the sale of recalled consumer products, or (4) identifying consumer products that do not meet specified importation requirements related to product safety.

Additionally, the Department of Commerce must consult with the Federal Trade Commission (FTC) and other relevant agencies to study potential applications of blockchain technology (i.e., the technology that supports digital currencies such as Bitcoin), including the use of such technology to address fraud and other unfair or deceptive practices.

Finally, the FTC must report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).

Digital Taxonomy Act

H.R. 3638

117th Congress

Co-sponsored
Bill pending

This bill requires the Federal Trade Commission to report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).

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.

Financial Technology Protection Act

H.R. 296

117th Congress

Co-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.

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.

Financial Freedom Act of 2022

H.R. 7860

117th Congress

Co-sponsored
Bill pending

To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.

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