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In brief
- Warren Davidson is sponsoring the bill.
- No changes have been made from the previous version.
The third time’s a charm?
Representative Warren Davidson (R-Ohio) has reintroduced the Token Taxonomy Act, a bill that would make certain cryptocurrency tokens and other digital assets exempt from US securities laws.
This represents the third attempt by the Ohio congressman to get the House of Representatives to take up the issue. He introduced it late in 2018 at the end of a legislative session before reintroducing it with minor tweaks in 2019. The legislation has never been scheduled for a vote in the House.
H.R. 1628 would “amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security.”
It would also make crypto-to-crypto transfers tax exempt and change the tax structure for cryptocurrencies held in an individual retirement account.
