Bill On Digital Tokens Is Drafted In United States
The US congressmen, Warren Davidson from Ohio and Darren Soto from Florida, have developed a bill under which tokens will not be considered as securities, CNBC reports.
The Token Taxonomy Act provides for amendments to two other US regulations governing the sphere of securities: the Securities Act of 1933 and the Stock Exchanges Act of 1934, which determine the state of affairs for more than 70 years.
The new bill states that the regulations on securities cannot be applied to cryptocurrency. Besides, the definition of digital tokens is legally established in the document – they are “digital units” that are created during the crypto mining or premining. It is indicated that the rules for creating such units cannot be changed by a single person or group of people.
The new rules specify that tokens are transferred directly from one owner to another without an intermediary. Moreover, the issues of taxation and cryptocurrency sales were covered. It is proposed to levy taxes on profits from transactions with cryptocurrencies in the amount not exceeding $600.
When the Internet appeared, Congress passed a law that recognized the existence of the worldwide network and opposed the desire to over-regulate this market. It is necessary to achieve the same attitude to other innovations to consolidate the leadership of the United States in this direction, Davidson stated.
As previously reported, two US congressmen initiated two bills to prevent the manipulation of crypto prices.