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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.