Remember NoDoubt Crypto LLC (NoDoubt Crypto)? Last year we wrote about the fictitious innovative new FinTech startup in the digital assets or blockchain/distributed ledger technology space. We discussed the regulatory challenges faced by firms like NoDoubt Crypto that aspire to balance innovation with the desire to remain regulatorily compliant in a space that continues to evolve. In this follow up article, we highlight select regulatory developments including new legislation related to blockchain and digital assets that took place in 2019 and discuss what is to come in 2020.
Re-Introduction of the Token Taxonomy Act
In April 2019, blockchain-friendly bill the Token Taxonomy Act of 2019 was re-introduced. The new version provides additional regulatory clarity with a definition for digital tokens more inclusive of changing technology and exemptions for certain digital assets from federal securities laws. It also seeks to direct the Securities and Exchange Commission (SEC) to implement regulations regarding digital units secured through public key cryptograph and to create certain tax exemptions for virtual currencies. See Token Taxonomy Act To Address Blockchain, Innovation Flight in America, Press Release (April 9, 2019).
2019 Ends With a Legislative Bang
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