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Revised Digital Tokens Bill Still 'Needs A Lot Of Work'

Law360 (April 19, 2019, 10:07 AM EDT) -- A revived congressional proposal to exempt certain digital tokens from federal securities laws could improve legal clarity for fledgling blockchain-based startups, but still contains several sticking points that lawyers say need to be resolved if the bill is going to pass muster.

The Token Taxonomy Act, authored by Rep. Warren Davidson, R-Ohio, would remove digital tokens from the U.S. Securities and Exchange Commission’s jurisdiction under specific conditions in an attempt to provide entrepreneurs with regulatory certainty. Davidson and co-sponsors say the bill aims to streamline a “patchwork” U.S. legal landscape and prevent businesses from fleeing abroad.

Several attorneys who advise financial...

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