Token Taxonomy Act reintroduced, providing ‘sharper legislative language’ to congress

Ohio U.S. Representative Warren Davidson has reintroduced the Token Taxonomy Act to congress, a bill which aims to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude "digital tokens" from the definition of a security. The full bill can be viewed here.

In addition to amending the Securities Act, the bill would also see virtual currencies held in retirement accounts treated in much the same way as bullion for the purposes of taxation. Furthermore, an exchange of one cryptocurrency for another would no longer be considered a taxable event, with crypto to cash transactions under $600 also being tax-exempt.

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