Jake Chervinsky, a crypto attorney expressed his pessimistic view on the bill that aims to exempt cryptocurrencies and ICO from the US securities law and that it is highly unlikely to be happening in the near future. We are about to find out more about his stance on regulation in today’s crypto news.
Chervinsky added:
“I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced in Congress on February 14. But even if true, there will be months or years of Committee hearings and revisions before the bill could even possibly see a vote. Don’t hold your breath.”
The Republican Congressman Warren Davidson and the Democratic Representative Daren Sotto have already introduced the legislation in December 2018 and the previously mentioned Token Taxonomy Act would aim to exclude crypto from securities laws.
Congressmen Davidson says that a ‘’light-touch’’ legislation will provide more regulatory clarity and it would make sure that the United States is a strong competition in this industry. He also pointed out the importance of avoiding restrictive laws that will suppress innovation.
Another Republican Congressman Tom Emmer presented three bills that will likely support the development of the blockchain sector in the country such as the Resolution on Supporting Digital Currencies and Blockchain Technology, Safe Harbor for Taxpayers with Forked Assets Act and the Blockchain Regulatory Certainty Act.
Cryptocurrencies are becoming a strong political power as many politicians urge the US to prioritize the development of the blockchain technology and for legislators to embrace emerging technologies and provide a clear regulatory system.
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