Two US Congressmen Will Soon Submit Pro-Crypto Bills, The Token Taxonomy Act (TTA)
Two US Congressmen Will Soon Submit Pro-Crypto Bills
Right now, the Token Taxonomy Act is the most renowned pro-crypto bill to have ever been debated in the US Congress. The bill is said to provide citizens of the US with the leeway to fully engage in the crypto markets by providing crypto with legal recognition.
Warren Davidson (R) and Darren Soto (D) introduced the TTA before the house on December 20, 2018. It was intended to give some regulatory certainty to the DLT tech and crypto sector. Considering that there are still huge knowledge gaps about DLT by most of the population, the TTA was a welcome move. This bill wanted to exempt digital assets from the existing securities laws.
About The TTA
The TTA has a major focus on digital currencies. It will allow those in the crypto sector from having digital assets classified as securities. This will be in regards to the Securities Exchange Act of 1934 and the Securities Act of 1933. Besides that, the TTA would make many tax law changes and omit certain crypto transactions from these acts. It is expected to be introduced before Congress on February 14, 2019. It will then go through various stages on its way to becoming a law.
Comparison Of Different Nations
In the US, the SEC considers crypto assets as securities. Thus, the TTA will seek to clarify that crypto assets are not securities. This will ensure the SEC has no oversight over them.
According to Davidson (R), this law will clear up a 1946 court case where the SEC was given the power to determine what a security is. It will clarify that crypto coins are not securities. As a result, US crypto investors will be able to compete with Switzerland, Singapore, and other areas where DLT technology is growing. However, this is not the only piece of legislation on crypto.
In the future, there will be other crypto regulation introduced on this issue. This will help to strengthen the crypto market in the US. It shows that Davidson(R), is aware of some major issues that are causing the US to lag behind in terms of DLT and crypto technology.
Another bill in the pipeline is House Resolution 528. The bill will focus on laws that are involved in the transfer of funds and exempt crypto from these laws. The bill has already been tabled. Legislators in Wyoming state legislature recently introduced a bill on the blockchain. It seeks to create certificates for token issuance instead of stocks certificate.
The Irish government also approved an AML bill concerning crypto. California has not been left behind. There are two pro-blockchain laws, which received a lot of support from the crypto community. Different legislators introduced the bills.
In the Italian parliament, there is blockchain tech and smart contract legislation being discussed. The government is doing its best to create clear laws on this tech. In China, the government created new regulation for the blockchain. It will come into force on February 15, 2019.