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Bill Introduced To Ensure Clear Crypto Regulation In The US

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A bipartisan legislation was introduced in the House of Representatives to give cryptocurrencies a clear legal standing in the United States.

Following a year of consultations and amendments, Rep Warren Davidson (OH-08) reintroduced the Token Taxonomy Act of 2019 to provide regulatory certainty for businesses, entrepreneurs, and regulators in the country's blockchain economy.

Co-sponsored by Representatives Darren Soto (D-FL-09), Josh Gottheimer (D-NJ-05), Ted Budd (R-NC-13), Scott Perry (R-PA-10) and presidential aspirant Tulsi Gabbard (D-HI-02), H.R. 2144 seeks to exempt certain cryptocurrencies and other digital assets from federal securities laws, allowing individuals to more easily trade or transact with select coins.

Davidson said regulatory uncertainty is motivating market players to leave the U.S. for the certainty provided in other countries such as China.

He pointed out that the Communist country has endorsed blockchain technology as essential to its digital economy and emphasizes the importance of regulation to a healthy future. China is the leader in the number ofy blockchain-based projects.

"The Token Taxonomy Act is the key to unlocking blockchain technology in America," according to him.

Stressing the need for passing a legislation that provides regulatory certainty, Davidson said Congress would send a powerful message to innovators and investors around the world that the U.S. is the best destination for blockchain technology.

The US lawmakers introduced the Bill in the wake of conflicting state initiatives, regulatory rulings and judicial decisions that led to uncertainty for entrepreneurs and businesses that use blockchain technology.

The act would amend the Securities Act of 1933 and the Securities Exchange Act of 1940, granting regulators such as the U.S. Securities and Exchange Commission (SEC) clarity on how they may enforce securities laws surrounding cryptocurrencies.

TTA is the revised version of a bill introduced last year by Reps. Davidson and Darren Soto, which will further clarify the Digital Token definition to be more inclusive of changing technology. Jurisdictions for the FTC and CFTC were also cited to strengthen protections for consumers.

Last year's Congressional session ended before the House Financial Services Committee or House Ways and Means Committee could decide on whether the Bill should be sent for a full House consideration.

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