How the 2019 Version of the Token Taxonomy Act is Like Cooking Short Ribs

How the 2019 Version of the Token Taxonomy Act is Like Cooking Short Ribs

Crypto industry regulation: It’s been on the wish lists of blockchain / crypto leaders and members of Congress alike. This past December, it looked as if industry watchers were getting what they wanted out of holiday gift-giving.

The Token Taxonomy Act, a bipartisan bill co-authored by Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.) was meant to offer guidance to provide reassurance to investors considering crypto-backed securities and a playbook for sector innovators looking for a clear set of rules, lest they make an unwitting misstep and run afoul of federal regulators.

That first version of the bill never made it out of committee, much less for a floor vote. Enter the Token Taxonomy Act 2.0. After some bipartisan rejiggering, the new bill has a lot of what its initial iteration offers, though well-measured and easy paced. Or put another way: As BX3 Capital partner Mike Minihan put it in his piece for Accounting Today, the new bill is like his family’s way of cooking short ribs — “low and slow.”

It may require a certain bit of finesse to ease a blockchain bill through Congress. And as Minihan notes with regards to his family’s patented slow-cooker short ribs, “Just like no one in my house wants food poisoning, no one wants a half-baked bill on virtual currency.”

Learn more about the ins and outs of the new bill here on Accounting Today.