The Token Taxonomy Act of 2021: Preemption of inconsistent state laws
A deep analysis of the proposed definition of digital token, which is likely to be far simpler than the Howey Test. In these hyper-partisan times, any bill that includes sponsors from both sides of the aisle is noteworthy. There is one pending now that is particularly important in the crypto space. On March 8, 2021, H.R. 1628, the Token Taxonomy Act of 2021, was introduced by representative Warren Davidson. It was co-sponsored by representatives Ted Budd, Darren Soto, Scott Perry and Josh Gottheimer.Terms of the Token Taxonomy Act of 2021Among other provisions, the bill would exempt....
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U.S. Representative Warren Davidson has reintroduced the Token Taxonomy Act to provide regulatory clarity around digital currencies.
In recent statements made by Chair Paul Atkins, the US Securities and Exchange Commission (SEC) announced a strategic plan targeted at giving much-needed clarity on the classification of crypto assets. Howey Test And Token Taxonomy In Crypto Atkins highlighted the forthcoming consideration of establishing a “token taxonomy” within the Commission, a structured framework rooted in legal rationale to discern between securities and commodities. He emphasized the importance of adhering to “limiting principles” in laws and regulations to ensure a cohesive approach....
A member of the Federal Deposit Insurance Corporation (FDIC) and three state-level regulators discussed blockchain technology at a panel today centered on the future of US FinTech policy. Held at the Blockchain & Distributed Ledger Technology Conference in New York City, the panel provided a window into the complicated series of exchanges – ranging from state-level interactions with citizens to potential top-level federal regulation – that are influencing this discussion. FDIC associate counsel Adriana Rojas said that while her agency wants to take a leadership position, its....
Lawyers for the two men recently arrested in Miami for engaging in "too-large" bitcoin transactions are claiming that the men's actions were legal because state law covers only money issued by the US or another country. Many in the bitcoin community are hopeful that this argument is persuasive, seeing money laundering laws as an attempt to regulate thoughtcrime in finance. Others also argue that citizens do not currently owe the state of Florida any kind of explanation for why they want to buy or sell bitcoin. Sting operation. In what may be the first instance of citizens being charged....
On December 31, 2020, a new report was published that studies Satoshi Nakamoto’s writing style, the creator’s use of expressions, and spelling. The new examination shows Satoshi’s spelling and American and British wording indicates it was very inconsistent and littered with misspellings as well. The research suggests the inconsistencies might have been done purposefully and were possibly part of the inventor’s operations security. A Closer Look at Satoshi Nakamoto’s Spelling and the Inventor’s American and British English Writing Techniques One of the....