Bitcoin Daily: SEC Regs could exclude Cryptos

A bipartisan law was introduced by the Congress which aims to modify the Securities Act of 1933 and the Securities Exchange Act of 1934.

According to CNBC, representatives Warren Davidson (R-Ohio) and Darren Soto (D-Fla.) Have introduced the "Token Taxonomy Act", which will not only redefine the "digital token", but ensure that securities laws do not apply cryptocurrencies that have become a fully functioning network. Instead, if the bill is approved, digital tokens would probably be controlled by the Federal Trade Commission (FTC) or the Commodity Futures Trading Commission (CFTC).

"In the early days of the Internet, Congress passed legislation that guaranteed certainty and resisted the temptation to over-regulate the market, and our goal is to achieve a similar victory for the American economy and for American leadership in this space. innovative, "said Davidson.

In other news, the founder of Litecoin Charlie Lee is trying to shift the focus from the fact that a year ago he sold all his holdings at the height of the market bubble. Although Lee said that at the time the move was taken to prevent a "conflict of interest", critics have accused him of cashing out before the crypt's decline.

"People lose money and want someone to blame," Lee said in an interview, according to Bloomberg. "And they think that, for some reason, I had privileged information, and it's silly." The moment I sold it, everyone thought it would go for $ 1,000. "

Now, its goal is to increase the use of Litecoin by traders.

"My feeling is that there will be a handful of cryptocurrencies that will actually be used as money," Lee said. "There's obviously a lot of scams and currencies that are not useful to everyone, and those values ​​will fall in. You'll see some coins die and the forts will survive."

In addition, a Sydney-based startup has launched a cryptographic debit card that can be used in any business or ATM at any location in Australia.

Cointelegraph reported that BTC.com.au offers the card for free and there are no commissions to add funds. However, there is a $ 4.99 monthly maintenance fee, which is reimbursed to customers who charge $ 500 or more over the course of a month.