The blockchain industry is growing at an unprecedented rate most especially in China and in the European Region. With competition increasing as fast as ever, it is necessary for the United States of America to step up on the game by adopting laws that would enable the creative development of blockchain in various industries and the scalability of digital currencies across global markets.
The Token Taxonomy Act
was introduced by Representative Warren Davidson and Representative Darren Soto. It was first submitted to the House in December of last year but a new version was reintroduced April of this year with some amendments. Among the salient differences from the previous version was the clarification provided regarding the conflicting jurisdiction of the Commodity Futures Trading Commission and the Federal Trade Commission.
Once the bill has been passed, then companies operating in the blockchain industry may finally have a sense of certainty since it would resolve issues that presently pervade the sector. Apart from that, cryptocurrencies would then be categorically exempted from being classified as securities, and therefore prevent obstacles for the growth of digital assets both by individuals and business entities.