Crypto attorney Jake Chervinsky doesn’t believe that a bill to exempt cryptocurrencies and ICOs from US securities law will be approved anytime soon. He cited the bureaucratic inefficiency of Washington as a key reason for his pessimistic outlook.
“I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced in Congress on February 14,” Chervinsky tweeted. “But even if true, there will be months or years of Committee hearings and revisions before the bill could even possibly see a vote. Don’t hold your breath.”
As it is, the wheels have already been set in motion for the Token Taxonomy Act. In December 2018, Republican Congressman Warren Davidson and Democrat Rep. Darren Soto introduced the legislation.
The Token Taxonomy Act (TTA) would amend the Securities Exchange Act to specifically exclude crypto from securities laws.
Bitcoin Trolls Miss the Forest for the Trees
Meanwhile, bitcoin bashers are gleefully gloating over the current market slump. However, experts underscore that focusing solely on daily price movements is losing sight of the forest for the trees.
Behind the scenes, there’s a major push underway to legitimize the market in order to promote mainstream adoption of crypto. And that starts with targeted regulation to win consumer trust.