Bipartisan Bill Would Separate Digital Tokens From Securities

Law360 (March 9, 2021, 6:45 PM EST) -- Lawmakers have floated a bipartisan bill to define digital tokens and ensure they are not classified as securities, a bill introduced the same day as another measure aimed at advancing the regulatory response to cryptocurrencies.

H.R. 1628, introduced Monday, would explicitly exclude digital tokens from the definition of a security, a hot-button issue that's been central to the U.S. Securities and Exchange Commission's enforcement actions in the space.

Dubbed the Token Taxonomy Act, the bill would define digital tokens as assets whose creation and supply aren't controlled by a central group, among other qualifications. The bill would also adjust certain rules...

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