Bipartisan Bill Proposes to Exclude Crypto from US Securities Law

A bipartisan duo of US lawmakers has introduced a draft Token Taxonomy Act, which aims to exclude most cryptocurrencies from the scope of federal securities law. The bill, announced on Thursday by Republican Representative Warren Davidson (Ohio) and his Democratic counterpart Darren Soto (Florida), is in direct contradiction to Securities and Exchange Commission (SEC) Chairman Jay Clayton’s position that the existing framework should not be changed to promote virtual coins.

By introducing a definition for digital tokens, the law proposal would change the 1933 federal Securities Act and exclude those coins from SEC oversight. Digital tokens are all cryptos that have a functioning network, the

This article appeared first on Cryptovest

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