Despite proposing the bill twice, the legislation has never been scheduled for a vote in the House of Reps.
According to the bill, H.R. 1628 would have to “amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security.”
The legislation also seeks to make crypto-to-crypto transfers tax-free while changing the tax structure for digital assets held in an individual retirement account.
One of the co-sponsors of the bill, Congressman Darren Soto claimed that it would “add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States.”
Meanwhile, a press release from Rep. Davidson’s office admits that unclear regulatory and unfriendly crypto policies in the U.S. are chasing businesses elsewhere. Davidson said:
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Source: Cryptocurrency - investing.com
