Bill to Exempt Crypto From Securities Laws Will Be Delayed, Says Attorney: ‘Don’t Hold Your Breath’

Crypto attorney Jake Chervinsky doesn’t believe that a bill to exempt cryptocurrencies and ICOs from US securities law will be approved anytime soon. He cited the bureaucratic inefficiency of Washington as a key reason for his pessimistic outlook.

“I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced in Congress on February 14,” Chervinsky tweeted. “But even if true, there will be months or years of Committee hearings and revisions before the bill could even possibly see a vote. Don’t hold your breath.”

I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced in Congress on February 14, but even if true, there will be months or years of Committee hearings & revisions before the bill could even possibly see a vote. Don’t hold your breath.
— Jake Chervinsky (@jchervinsky) January 26, 2019

‘Light-Touch’ Regulation
As it is, the wheels have already been set in motion for the Token Taxonomy Act. In December 2018, Republican Congressman Warren Davidson and Democrat Rep. Darren Soto introduced the legislation.

Reference: https://www.ccn.com/bill-to-exempt-crypto-from-securities-laws-will-be-delayed-says-attorney-dont-hold-your-breath/

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