Lawmakers Reintroduce Bill to Clarify SEC Authority on Cryptos
U.S. Representative Warren Davidson reintroduced the Token Taxonomy Act on Tuesday, which is an attempt to exempt certain cryptocurrencies and other digital assets from federal securities laws.
The bill may give cryptocurrencies a clearer legal standing in the U.S and to allow individuals to more easily trade or transact with select coins.
The bill was first introduced last year by Davidson and Soto and Reps. Davidson and Darren Soto. This 2019 bill is cosponsored by Reps. Josh Gottheimer, Tedd Budd, Scott Perry and presidential candidate Tulsi Gabbard.
The act would amend the Securities Act of 1933 and the Securities Exchange Act of 1940, giving the Securities and Exchange Commission (SEC) more clarity on how to regulate cryptocurrencies.
While the SEC has enforced securities laws on token sales, ability and authority to regulate other cryptocurrency transactions remain unclear.
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