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US Reintroduces Token Taxonomy Act Bill to Clarify Crypto Status

US Reintroduces Token Taxonomy Act Bill to Clarify Crypto Status

A bill designed to exclude cryptocurrencies being defined as securities has been reintroduced for consideration by representatives in the United States House of Representatives.

Warren Davidson (R) and Darren Soto (D) representatives in the United States House of Representatives, introduced the bill, the Token Taxonomy Act last December in an attempt to amend the Securities Act of 1933 and the Securities Act of 1934 to exclude cryptocurrencies.

The new bill has some carefully chosen amendments included; it clarifies the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) and attempts to challenge the right for jurisdictions to make what it calls “heavy-handed” regulations.

Soto, a long-time champion of blockchain, said that “it is time for the United States to step up and lead in blockchain technology”. He said:

“After months of public input, our Token Taxonomy Act and the Digital Taxonomy Act add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States.  This is an important step to promoting innovation and maximizing the potential of virtual currencies for the US economy, all while protecting customers and the financial well-being of investors.”

Washington has seen a wave of lobby groups campaigning to promote blockchain technology over the past 12 months, to the extent that these number swelled, tripling over the course of 2018, with 33 projects in place by the close of 2018. Much of the growth is thought to be driven by an increase in securities regulation activity by government departments such as the SEC.

 

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