Two members of the US House of Representatives have tabled a new bill before the Congress on Thursday to exclude cryptocurrencies from the standard securities laws.
This bipartisan bill called the ‘Token Taxonomy Act’ was presented by Reps. Warren Davidson, R-Ohio and Darren Soto, D-Florida. In September, Rep. Davidson hosted a roundtable in Washington, DC, to discuss the cryptocurrency-related bill and regulatory shortcomings towards the nascent industry. More than 50 participants from the financial industry participated including experts from Fidelity, Nasdaq, State Street, Andreessen Horowitz, and the U.S. Chamber of Commerce.
The bill, if passed, will amend the Securities Act of 1933 and the Securities Exchange Act of 1934, and is seeking to exclude ‘digital tokens’ from being defined as securities.
Rep. Davison, in a statement, said: “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”