Token Taxonomy Act may help SEC develop more pro-crypto regulations

A number of members of the U.S. Congress are attempting to reintroduce an important bill for crypto regulation. The Token Taxonomy Act will provide clarity for the SEC on the issue of whether cryptos should be ruled as securities.
Token Taxonomy Act may help SEC develop more pro-crypto regulations
First introduced back in 2018, the bill is now being proposed with amendments by Representatives Warren Davidson, Darren Soto, Josh Gottheimer, Tedd Budd, Scott Perry and presidential hopeful Tulsi Gabbard.
The bill's updated version will have modifications including a clearer definition of digital tokens that should be more inclusive of changes in blockchain technology, as well as provisions to strengthen consumer protection. If approved by the house, it could allow the SEC to exempt cryptos that are not involved in token sales from securities legislation.
Kristin Smith, the acting head of Blockchain Association, told CoinDesk that "the open blockchain industry needs regulatory clarity more than ever...blockchain technology has tremendous potential and...we need smart, simple, and supportive legislation to make sure that the United States continues to be a leader in this ecosystem. We are grateful for the bill’s sponsors for their continued support for this vital technology".




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