Presidential Candidate Tulsi Gabbard Backs Reintroduction of Bill to Exempt Tokens from SEC

Presidential Candidate Tulsi Gabbard Backs Reintroduction of Bill to Exempt Tokens from SEC 1
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Warren Davidson, arguably crypto’s best friend in Congress, reintroduced the Token Taxonomy Act yesterday. He originally introduced the bill alongside Florida representative Darren Soto last year. It never made it to a vote before the 115th Congress, but Davidson has decided to reintroduce in a Democrat-controlled 116th. The new bill already differs slightly from the original, and lawyer Jake Chervinsky says it might have more changes to come:

Bill Subject to Change Pending Congressional Approval

The language of the new bill is a bit stronger than the wording in the original. The bill limits the ability of states to regulate digital tokens as securities, by adding language to the Securities Act of 1933:

Coinbase 3

No law, rule, regulation, or order, or other administrative action of any State or any political subdivision thereof (A) requiring, or with respect to, registration or qualification of securities, or registration or qualification of securities transactions, shall directly or indirectly apply to a digital token […]

One wonders what effect the bill might have on states considering the passage of Bitlicense-like laws. Immediately following this, the bill ensures that states continue to have the right to enforce against fraud.

Democrat Tulsi Gabbard On Board

Both versions of the bill seek to provide tax exemptions for the exchange of one cryptocurrency to another. It would change the reality for American crypto users: when you exchange crypto for anything besides cash, the transaction would no longer be treated as a strictly taxable situation. This part, which amends the rules governing the IRS, reads:

Gross income shall not include gain from the sale or exchange of virtual currency (as defined under section 408(m)) for other than cash or cash equivalents.

Apparently, if you exchange your Bitcoin for something worth less than $600, you don’t have to pay additional taxes related to the realization of the value of the cryptocurrency. Entire strategies for spending and holding Bitcoin can be developed around this proposed law, which reportedly has support from Tulsi Gabbard. Gabbard is running for nomination from the Democratic party for the 2020 presidential race.

Three other sponsors have also signed on, in addition to Soto and Gabbard: Josh Gottheimer, Tedd Budd, Scott Perry, according to Coindesk, who must have received a scoop on this matter. (The House’s website did not reflect any of the reported material by press time.) Most of the bill’s sponsors are members of the House Financial Services Committee, the influential body that governs banking and finance in the United States.

Presidential Candidate Tulsi Gabbard Backs Reintroduction of Bill to Exempt Tokens from SEC 2
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,225.00
ethereum
Ethereum (ETH) $ 2,360.72
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 319.14
cardano
Cardano (ADA) $ 1.34
xrp
XRP (XRP) $ 0.662810
dogecoin
Dogecoin (DOGE) $ 0.223008
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 14.85
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,225.00
ethereumEthereum (ETH)
$ 2,360.72
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 505.48
litecoinLitecoin (LTC)
$ 137.90
bitcoinBitcoin (BTC)
33.322,58
ethereumEthereum (ETH)
2.005,49
tetherTether (USDT)
0,849524
bitcoin-cashBitcoin Cash (BCH)
429,42
litecoinLitecoin (LTC)
117,15
bitcoinBitcoin (BTC)
28,530.38
ethereumEthereum (ETH)
1,717.07
tetherTether (USDT)
0.727352
bitcoin-cashBitcoin Cash (BCH)
367.66
litecoinLitecoin (LTC)
100.30

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
Mining City insists that it is legit
Mining City Refutes Claims By Philippines SEC Of Being A Scam
September 23, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,774 1.56 % 15.33 % 24.61 %
Ethereum2,376.8 0.51 % 9.90 % 24.72 %
Tether1.000 0.05 % 0.03 % 0.23 %
Binance Coin322.16 1.09 % 7.80 % 5.88 %
Cardano1.350 0.57 % 11.78 % 13.65 %
XRP0.6649 0.31 % 10.91 % 12.73 %
Dogecoin0.2244 0.52 % 13.77 % 21.76 %
USD Coin1.010 0.35 % 0.39 % 0.00 %
Polkadot14.97 1.63 % 10.78 % 17.20 %
Binance USD1.010 0.50 % 0.89 % 0.54 %

bitcoin
Bitcoin (BTC) $ 36,666.00
ethereum
Ethereum (ETH) $ 2,158.16
tether
Tether (USDT) $ 0.998365
binance-coin
Binance Coin (BNB) $ 299.18
cardano
Cardano (ADA) $ 1.22
xrp
XRP (XRP) $ 0.613373
usd-coin
USD Coin (USDC) $ 0.997299
dogecoin
Dogecoin (DOGE) $ 0.198524
polkadot
Polkadot (DOT) $ 13.46
binance-usd
Binance USD (BUSD) $ 0.992712