US: New Legislation Proposes to Exclude Crypto From Securities Laws

[CebuBitcoin]

Two United States congressmen introduced a bill in the House of Representatives on Dec. 20 that would exclude digital assets from being defined as securities.

The “Token Taxonomy Act of 2018” was introduced by Reps. Warren Davidson (R) and Darren Soto (D) and seeks to exclude digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act of 1934. The bill especially calls to:

Readmore: https://cointelegraph.com/news/us-new-legislation-proposes-to-exclude-crypto-from-securities-laws

[CebuBitcoin]

“… direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for an-other, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.”

Source: https://cointelegraph.com/news/us-new-legislation-proposes-to-exclude-crypto-from-securities-laws