US Congress Amend SEC Exchange Act - Good News For Crypto

A recent bipartisan bill has been introduced by Congress which aims to amend the Securities Act of 1933 and the Securities Exchange Act of 1934.

According to reports, Darren Soto and Warren Davidson both introduced the ‘Token Taxonomy Act’ which wouldn’t just redefine crypto tokens but ensure that securities laws wouldn’t just apply to digital currencies which have grown into a fully functioning network. Instead, if the bill is approved, assets will most likely be overlooked by the Federal Trade Commission or the Commodity Futures Trading Commission. Davidson said:

“In the early days of the internet, Congress passed legislation that provided certainty, and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy, and for American leadership in this innovative space.”

According to Pymnts, in other news, the founder of Litecoin, Charlie Lee is trying to move the focus away from the fact that he sold all his holdings in Litecoin during the highs of the market bubble one year ago. Even though the founder said that the move was made to prevent a conflict of interest at the time, many people have been accusing him of cashing out before the cryptocurrency made a steep decline. Though many criticised him for doing this, looking back, Lee clearly did the right thing as the crypto markets are now worth very little in comparison to last year.

In a recent interview, Lee said, “people lose money and they want someone to blame. And they think, for some reason, I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”

Lee’s focus seems to be more on boosting the use of Litecoin by merchants.

“My sense is that there will be a handful of cryptocurrencies that actually will be used as money. There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”

On top of this, a Sydney-based startup has launched a crypto debit card that can be used at any business or ATM across Australia.

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