The Token Taxonomy Act has been reintroduced to the United States legislature. If approved, it
would exempt cryptocurrencies from being regarded as securities while also
providing clear regulations to the crypto space.
However, there are some who don’t
believe that this bill would lead to proper regulation. One of such
personalities is Jake Chervinsky, a leading cryptocurrency legal expert.
Token Taxonomy Act Would Create More Regulatory Uncertainty
Chervinsky, one of the leading
cryptocurrency legal experts argued against the approval of the token taxonomy
bill. The legal expert pointed out that even though he is in support of crypto
regulation, he believes this bill would create more regulatory uncertainty.
According to Chervinsky, the Securities Act of 1933 & the Securities Exchange
Act of 1934 which the taxonomy bill is seeking to amend, requires security
issuers to register with SEC before any public sale. The law stipulates that if
a company issues a security…
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