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ARTICLE · 19 JULY 2022

Is Crypto A Security Or Commodity? Look To Congress' Ethics Rules

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The Responsible Financial Innovation Act introduced on Jun 7, 2022 includes a comprehensive regulatory framework for digital assets and seeks to provide clarity in how digital assets, ...

United StatesTechnology
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As Congress looks at regulating crypto, the major question appears to be whether it is a security or commodity. William Powers, congressional ethics and political law partner at Nossaman LLP, explains Congress' and the executive branch's own ethics laws with respect to the question.

The Responsible Financial Innovation Act introduced on Jun 7, 2022 includes a comprehensive regulatory framework for digital assets and seeks to provide clarity in how digital assets, such as cryptocurrencies, are treated under US securities law. The lynchpin of the bill is the codification of the US Supreme Court's decades-old standard for determining when a financial offering is a "security," i.e., the Howey test.

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