House Approves Legislation for Digital Asset Working Group

The Eliminate Barriers to Innovation Act otherwise known as H.R. 1602, sponsored by Rep. McHenry (R-NC) proposes to direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to jointly establish a working group on digital assets. The bill passed the House in a 355-69 vote. 

Some of the bill’s highlights include directing the working group to: 

• Make an analysis of the legal and regulatory framework and related developments in the United States relating to digital assets

• Recommend for the creation, maintenance, and improvement of primary and secondary markets in digital assets, including for improving the fairness, orderliness, integrity, efficiency, transparency, availability, and efficacy of such markets; 

• Make best practice recommendations to reduce fraud and manipulation of digital assets in cash, leveraged, and derivatives markets

If you are a fintech or technology stakeholder who has an interest in digital assets, planning for regulatory oversight should be a part of your business strategy. 

Lanton Law is a national boutique law and lobbying firm that focuses on fintech, technology and healthcare. If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions,contact us today.

New Psychedelic ETF About To Hit the Market

There is a new March 5, 2021 U.S. Securities Exchange Commission (SEC) filing that will allow investors to gain exposure to the psychedelic and cannabis industries. According to the fling, the Defiance Next Gen Altered Experience ETF is: 

The Index is a rules-based index that tracks the performance of a portfolio of life sciences companies conducting federally legal medical activities in the psychedelics, medical cannabis, hemp, and cannabidiol (“CBD”) industries whose common stock or depositary receipts are listed on a U.S. or Canadian exchange. Psychedelic drugs, also known as hallucinogens, are a group of substances, including psilocybin, that are used to change and enhance sensory perceptions, thought processes, and energy levels. Medical cannabis, also known as medical marijuana, refers to the use of parts of the marijuana plant, such as hemp and the plant’s chemicals, for the treatment of a variety of diseases or medical conditions. Hemp is a type of cannabis plant whose stalks and seeds are used for a variety of commercial products.

While Lanton Law is not making any statements about whether people should invest in this or not, we are simply monitoring the industry to let interested stakeholders know about the developments within the cannabis market. 

Lanton Law is a national boutique law and lobbying firm that focuses on healthcare/life sciences and technology. Specifically our cannabis practice helps all supply chain entities from growers, financiers, suppliers, dispensers to ancillary services.

If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions,contact us today.

Can Rhode Island Serve As A Model for Digital Currency in Today’s Worldwide Changing Marketplace?

Can Rhode Island Serve As A Model for Digital Currency in Today’s Worldwide Changing Marketplace?

For those that monitor the digital currency market, we have witnessed Chinese President Xi Jinping’s announcement in October 2019 that China should “seize the opportunity” that blockchain presents. According to a study by PR Newswire, the current worldwide crypto-currency market valued at $1.9 billion in 2017 can grow to $84 billion by 2024.     

With the world’s varying economies changing daily, the question that I have heard stakeholders ask is what place will digital currencies have here in the United States? The response here has been skeptical. While we have seen flashes of digital currency acceptance, the treatment of cryptocurrencies in the enacted Tax Cuts and Jobs Act of 2017 shows that we still have a long way to go in understanding how digital currencies have started to become a part of our economy. 

This year Rhode Island has shown why it is one of the early adopter states of acknowledging and strategizing for a blockchain future. In May 2019, the state issued a Request for Proposal or RFP that identified 12 business segments of opportunity (anti-fraud, contracts, medical marijuana, investigations, records, notarization, registration and licensing, shareholder or policyholder voting and crowdsourcing) where Rhode Island is looking to achieve its goals of becoming more efficient, transparent and business-friendly to name a few. 

At this point in time, the idea of blockchain technology or digital currencies seem a long way off. However; most innovative ideas always seem like they are being discussed earlier than they should until a majority of the public fully understands their function and then fully embraces the potential.  

At Lanton Law, we are monitoring policy, market and technology trends when it comes to innovation. If your company is considering investing in digital currencies or blockchain technology and are looking for the “next Rhode Island” or are wondering how state or federal policy will impact your business strategy, contact us today.