Jared Huffman is a member of the United States House of Representatives representing California’s 2nd congressional district since 2013. He has been an advocate for cryptocurrency regulation and legislation, introducing several bills aimed at protecting investors from fraudulent or deceptive practices in the industry.
Huffman introduced the Cryptocurrency Tax Fairness Act in 2017, which seeks to ensure that digital currency transactions are taxed fairly and uniformly across all states. The bill would create a special tax treatment for digital currencies similar to how stocks and bonds are treated for capital gains taxes. This would reduce the complexity associated with filing crypto-related taxes by allowing users to report their gains on IRS Form 1040 Schedule D rather than having to use separate forms and complicated calculations associated with each transaction.
In 2019, he proposed two more pieces of legislation related to cryptocurrencies: The Virtual Currency Consumer Protection Act of 2019 and The U.S. Virtual Currency Market & Regulatory Competitiveness Act of 2019. These bills seek to protect consumers who buy virtual currencies by requiring companies dealing in cryptos to register as money services businesses (MSB) under federal law; they also aim at creating clearer regulations around licensing standards so that national banks can provide financial services related to cryptocurrencies without running afoul of state laws that may vary from one another on this issue.
Finally, Huffman supported the Token Taxonomy Act when it was introduced in December 2018, aiming at providing a legal framework for tokenized assets such as security tokens or utility tokens while exempting them from existing securities laws like Regulation A+ or DTC eligibility requirements set forth by FINRA/SEC ruleset 0-8-4106(a).
