Lawmakers look to change SEC’s 72-year-old securities definition to exclude cryptocurrencies

Two congressmen are introducing a bill Thursday that would exclude digital currencies from the decades-old definition of a security. The legal definition might seem like an insignificant change, but it has become a heated issue for those in the industry who say the law is outdated for a digital asset class.

The “Token Taxonomy Act” — a bipartisan effort by Reps. Warren Davidson, R-Ohio and Darren Soto, D-Fla. — defines a “digital token” and clarifies that securities laws would not apply to cryptocurrencies once they become a fully functioning network.

via Lawmakers look to change SEC’s 72-year-old securities definition to exclude cryptocurrencies.