Washington: Congressmen propose a bill to exclude cryptocurrencies from Security Act of 1933

Two congressmen named Warren Davidson and Darren Soro are working towards a bill that helps establish Cryptocurrencies definition more clearly. The bill is called the Token Taxonomy Act which will specify what a security is and why cryptocurrencies don’t fall in the category of securities.

The new bill defines digital securities, which will help future cases when Cryptocurrencies are being discussed and debated upon.

Blockchain lobbyist, Kristin Smith specified that this bill would help the regulatory process for cryptocurrency as a whole.

One of the congressmen responsible for the bill, Davidson clarified that the internet too was provided help in advancing thanks to legislation passed by the Congress. Hence Davidson specified that if this bill is passed, it will help the American economy utilize the technology in a better fashion.

Along with this, notable politician tweeted on the idea of abolishing the Federal Reserves after the interest rate hikes. He blamed manipulation and has made it clear back in October 2018 on his support for innovative currencies like cryptocurrencies.  Ron called for a tax exemption on Cryptocurrencies, elaborating that it can help prevent a significant economic recession.

Blockmanity’s Take

The year 2018 was the stepping stone for regulatory practices being decided upon for Cryptocurrency. It looks like 2019 will be the year where these regulations are implemented and will help take blockchain and cryptocurrency to the next level, similar to what the internet has achieved.

As they say ‘The beginning is always the hardest!’

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