The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought.
Any source about your statement ?
this is
the press release from congressmen davidson's legislative office:
Congressmen Warren Davidson, Darren Soto Introduce ICO Fix for Businesses, Consumers
WASHINGTON, DC - Congressmen Warren Davidson (OH-08) and Darren Soto (FL-09) today introduced the long-awaited Token Taxonomy Act, H.R. 7356, to provide light-touch regulatory certainty for businesses, entrepreneurs, and regulators in the blockchain economy.
This bill clarifies a 1946 court case that the SEC has been using to determine what a security is and effectively makes it clear that the finished product (or oranges as it relates to the Howey Test) is no longer a security.
This bill provides the certainty American markets need to compete with Singapore, Switzerland, and others who are aggressively growing their blockchain economies. To be certain, there will be other regulatory initiatives at some point, but this legislation is an essential first step to keeping this market alive in the United States.
In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for Americas economy and for American leadership in this innovative space, said Congressman Warren Davidson.
personally, i think it's a longshot. it's very pro-business and also pro-taxpayer. the nanny state legislators will sink their claws into it and widdle it down to something much less attractive (if it ever gets off the ground to begin with).