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A recent bipartisan law was introduced by the Congress which aims to change the Securities Act of 1933 and the Securities Exchange Act of 1934.
According to reports, Darren Soto and Warren Davidson have both introduced the "Token Taxonomy Act" which not only redefines cryptographic tokens but ensures that securities laws do not only apply to digital currencies that have become a fully functioning network. Instead, if the bill is approved, the assets will likely be neglected by the Federal Trade Commission or the Commodity Futures Trading Commission. Davidson said:
"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 ".
Second PymntsIn other news, the founder of Litecoin, Charlie Lee is trying to shift the attention from the fact that he sold all his holdings in Litecoin during the highs of the market bubble a year ago. Although the founder said the move was taken to prevent a conflict of interest at the time, many people have accused him of cash out before the cryptocurrency declines sharply. Although many have criticized him for this, looking back, Lee has clearly made the right thing since cryptographic markets are now worth little compared to last year.
In a recent interview, Lee said, "People lose money and want someone to blame, and they think that, for some reason, I had privileged information, and it's silly." When I sold, everyone thought he would go for $ 1,000. "
Lee's attention seems to be more on the increase of Litecoin's use of merchants.
"My feeling is that there will be a handful of cryptocurrencies that will actually be used as money.There is 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 company or ATM machine throughout Australia.
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