In an astonishing bipartisan display of common sense, two congressmen, Reps. Warren Davidson, R-Ohio, and Darren Soto, D-Fla., have introduced legislation that would bring regulatory clarity to cryptocurrencies and tokens. The “Token Taxonomy Act” would remove the securities tag from tokens once their networks were fully functioning.
It is sensible when companies are raising money to build out a network, for tokens to be considered securities. But once the network is built and tokens are predominantly used for transactions, it makes no sense to call them securities.
The time for this legislation has come. Finally congress is showing signs that it understands the needs of the crypto industry. Now we need to keep pushing it to actually do something.
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