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.
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!’
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…