A bill has been introduced in the U.S. Congress to define cryptocurrency! Will it separate cryptocurrency from the definition of securities!?

On December 20 in American time, U.S. House Representatives Warren Davison (Republican) and Darren Soto (Democrat) formally submitted

a bill to separate cryptocurrency from being defined as securities.

In the bill submitted by both chambers, the "Token Classification Act of 2018," cryptocurrency is explicitly defined as digital tokens, and defines the non-centralized nature of cryptocurrency from six perspectives.

6 perspectives define the decentralized nature of cryptocurrencies.

What is the “Token Classification Act 2018”?

As mentioned above, in the “Token Classification Act 2018,” cryptocurrency is clearly defined as a digital token.

It also defines the decentralized nature of digital tokens as follows.

• A digital unit is a computer-viewable format that represents economic/property/access rights
• Digital tokens are created as digital units and are also used as a means of validating transactions
• Rules for generating/supplying digital units are not altered by individuals or groups
• Transactions can be conducted between individuals without the need for third-party institutions
• A consensus mechanism is established on the network
• Digital tokens do not represent financial interests associated with ownership or bonds, such as corporate equity

The SEC (U.S. Securities and Exchange Commission) has previously indicated that tokens issued through ICOs are not the same as cryptocurrencies.

Evidence shows that several ICO projects have been prosecuted as unregistered securities, and all have received either prison sentences or fines.

To be continuedhere