Just introduced in the US Congress by Warren Davidson (Republican) and Darren Soto (Democrat) is “The Token Taxonomy Act” – and it solves the biggest issues US based cryptocurrency investors and project developers have faced over the last year.
The bill states that tokens shall no longer be defined as ‘securities’ and therefore shouldn’t have to follow the same guidelines as investments such as stocks, it also makes clear what needs to be reported for tax purposes, and what doesn’t.
It officially frees the emerging technologies of blockchain and cryptocurrencies from it’s current state – bound to outdated laws passed in the 1940’s. To put that in perspective, the first color TV was sold in 1954 – but cryptocurrencies in the United States are being regulated with laws written nearly a decade before that.
REAL CHANCE AT PASSING:
A huge plus is how it’s been introduced by a member of both political parties, kicking it off with bipartisan support.
On top of this, the cryptocurrency industry has been lobbying politicians, ready to reward it’s supporters with hefty campaign donations.
Will the President sign it into a law? Good news there too! Mick Mulvaney is Trump’s new Chief Of Staff – a former Congressman, he’s the first member of congress to accept Bitcoin campaign donations.
If you’d like to learn more – i’m not just TuneTrade’s PR guy, i’m also the reporter who broke the story months before it was officially introduced in congress. I talked about the bill in-depth then here.