Members of the US House of Representatives Warren Davidson and Darren Soto presented a bill excluding “digital tokens” from the definition of securities, approved in the 1930s of the last century.
"Token Taxonomy Act" states that the rules on securities are not applicable in relation to cryptocurrency. The definition of “digital tokens” is also given. The latter are defined in the document as “digital units” that can be created as a result of mining or mining. At the same time, they are governed by rules that cannot be changed by an individual or a group of individuals.
In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America's economy and for American leadership in this innovative space.
In addition, tokens are said to be transferred between people directly, without intermediaries. It is also noteworthy that digital tokens are not an expression of financial interest in a company, including participation in capital, debt interest or a share of income.
The bill also contains clauses related to taxation, use and sale of cryptocurrencies. In particular, lawmakers propose not to tax profits from transactions with cryptoactive assets, not exceeding $ 600.
Among other things, legislators propose to amend the laws Securities Act (1933) and Securities Exchange Act (1934), adding to them the definition of digital tokens.
Also, according to the legislator, the US markets must compete with Singapore, Switzerland and other countries that are actively developing blockchain economy. Legislation, according to Davidson, is an essential element for ensuring the US competitiveness in the blockchain technology field.