WASHINGTON D.C., October 5, 2018 — 10XTS recently attended the Congressional Round Table event, “Legislating Certainty for Cryptocurrency” on Capitol Hill, where CEO, Michael Hiles, spoke about inherent problems with capital formation and bigger issues in drafting legislation to govern complex technology.
Following the event, 10XTS was asked to submit a position paper to Congressman Warren Davidson’s (OH-8) office for consideration as potential legislation for the new bill. After meeting with Congressman Davidson earlier this year, Hiles expressed his concerns over passing laws using language not even agreed upon by the technologists, let alone attorneys and policy-makers.
The 10XTS paper focused on the need to establish a formal taxonomy, which defines law words in the US Code to better define terminology before creating actual legislation enabling or prohibiting further activities.
The legislation is anticipated yet this legislative session, with the introduction of a new bill on the floor of the House Financial Services Committee.