A Taxonomy Of The Proposed Token Taxonomy Act

By Jordan Shelton ( March 6, 2019, 2:47 PM EST) -- On Dec. 20, 2018, a bipartisan pair of congressmen, Rep. Warren Davidson, R-Ohio., and Rep. Darren Soto, D-Fla., introduced bill H.R. 7356 to enact the Token Taxonomy Act.[1] The act proposes several amendments to federal securities and tax laws that are intended to clarify how cryptoassets should be treated thereunder. Below, we discuss the key provisions of the act and their potential implications for cryptoasset market participants. Emphasis is placed on "potential" because, as we will discuss, the act will likely require certain revisions, as well as substantial political support, before becoming effective law....

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