[Updated May 20] - As the reporter who broke the story months ago (readarticle here ) I've been following the progress of the Token Taxonomy Act closely - it's a bill that solves the regulatory uncertainty issue once and for all, and that has huge implications for the market.Those plans we shared months ago, just went into action! The bill is officially submitted to Congress, and the first step of becoming law is now underway.For those catching up, here's everything you need to to know:To understand why this is so important, you need to understand how awful the current regulatory situation is:Not just something nice for crypto traders - the US has suffered some real economic damage in the meantime:It's always important to note the following, because if there is an attack on the bill it will be from this angle -Fraud is illegal, lying to investors is illegal - this does not change if cryptocurrencies are no longer classified as a security.The only change we imagine in this regard is that the CFTC would likely be the agency pressing these fraud charges instead of the SEC - as crypto changes from a security and to a commodity.Now the next big question is - will it pass?I believe YES, it will - I've outlined in depth why it looks like this bill will be met with approval at every step of the process in another report titledyou can read that here Next we can expect Congressional committees will examine the bill in depth, suggest possible amendments, then it goes up for a vote. This process can take weeks or months, depending on the levels of support or opposition.You can find the full bill online here -------