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Two members of Congress are trying to change the definition of 72-year titles to make sure that cryptocurrencies receive their own set of rules that govern it. The bill that provides clarity and redefines digital resources.
The authorities and users / investors in cryptocurrencies have never been able to see closely when it came to regulating cryptocurrencies and to classify some of these assets as securities. Thanks to the combined efforts of representatives Warren Davidson and Darren Soto.
The new law that is introduced is called the Token Taxonomy Act, a bipartisan law that defines the "digital token" and clarifies the air around digital resources that the securities laws would not be applicable to cryptocurrencies when they become a fully functioning network.
As reported by CNBC, Davidson stated:
"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 ".
The Howey test, which is used by the SEC to determine if a resource is a security or does not lack clarity and experts want these vague rules to be clearly defined.
Kristin Smith, head of the Blockchain Association, in the first group in Washington to put pressure on the technology behind Bitcoin, said:
"These decentralized networks do not fit in perfectly with the existing regulatory framework, this is a step forward in finding the right way to regulate them".
What does this mean?
The decision would be enormous for cryptocurrencies that are not unfairly treated due to regulatory confusion and the consequences of future regulatory decisions.
The XRP is one of these cryptocurrencies that is long expected to be listed on one of the United States' popular exchanges, Coinbase. There was a lot of FOMO in the cryptocurrency community about why XRP, the second largest cryptocurrency in the world [by market cap], it was not listed on Coinbase yet.
The president of the SEC, Jay Clayton, also refused to provide clarity on XRP and whether it was considered as a security or a commodity during the Consensus Invest.
Although the taxonomy law of the pieces has yet to be approved, this news arrives at a very terrible and perfect time to raise the festive spirits of all in the cryptic community.
Darren XRP commented:
"The 2019 is going very well, the certainty of regulation and the adoption of mass xrp."
The Rippening replied:
"For me this is the most rational thing that can be done." Cripto simply does not adapt to the existing legislature ".
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