Warren Davidson and Darren Soto are two U.S. congressmen who have recently proposed two bills aimed at combating manipulation in cryptocurrency markets and bolstering USA’s position in the emerging cryptocurrency and blockchain space.

CNBC reports that the bipartisan duo is now proposing another piece of legislation, the “Token Taxonomy Act”. The bill contains a definition of what a “digital token” is and seeks to exempt cryptocurrencies from being designated as securities.

The bill proposes amendments to two acts: the Securities Act passed in 1933 the Securities Exchange act passed in 1934 by adding a section about digital tokens.

Kristin Smith, the head of the Blockchain Association lobbying group, told CNBC that in case the bill passes, these digital tokens would most likely fall under the authority of the Commodity Futures Trading Commission (CFTC). Bitcoin has been treated as a commodity by U.S. regulators for a while now, and officials have indicated that this might be the case also for Ethereum.

For other crypto assets such as XRP, however, the situation is much more complex and there are even lawsuits alleging that Ripple Labs is conducting an unregistered securities offering through their sales of XRP.

SEC chairman Jay Clayton has previously said that his commission will not adapt securities laws to suit the interests of the cryptocurrency industry. In June, Clayton stated: