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

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Rep. Warren Davidson: 'I Think Bitcoin Is a Great Store of Value' - Ep.176 01:03:28 Share

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Rep. Warren Davidson: 'I Think Bitcoin Is a Great Store of Value' - Ep.176