According to a new bill which was proposed by U.S. politicians Warren Davidson and Darren Soto, cryptocurrency may be excluded from securities laws.
The bill titled "Token Taxonomy Act of 2018" proposes to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude crypto from the definition of a security.
"...to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography," the bill states.
If things go well, the crypto industry may finally breathe out with relief since there’s been a lot of uncertainty with crypto regulation due to the definition of digital assets.
Earlier, the Brooklyn District Court equated ICOs to issuing securities. Back then, Judge Raymond Dearie agreed with the prosecution that claimed that under the federal criminal law, Initial Coin Offerings are equal to issuing securities.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.