To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptog-raphy, to adjust taxation of virtual currencies held in individual retire-ment accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
This repository hosts the Token Taxonomy Act in Markdown form to collaborate on modifying US Federal Laws for a holistic approach to distributed ledger assets
The Token Taxonomy Act was introduced by D-Darren Soto and R-Warren Davidson to the 115th US Congress as HR 7356. It was introduced at the end of the Congressional session and will need to be reintroduced to the 116th or future Congress.
The Markdown format in conjunction with the Git protocol will allow for an enhanced form of collaboration on this bill, especially amongst the people it affects in this case.
Here is the original bill submitted to the 115th House of Represenatives, in PDF form.
TokenTaxonomyAct-HR.md is the file to modify. This is the version to be co-sponsored and submitted by representatives in the U.S. House of Representatives.
Use the Issues tab for general discussion.
Interested parties and organizations should fork the repository and submit pull requests. Instructions on Git protocol best practices are outside the scope of this rubric, but feel free to submit a pull request to update this README as well.
Ideally a final TokenTaxonomyAct-HR.md file will represent the 116th (or later) House of Representatives bill, and the same process can be carried into a TokenTaxonomyAct-SENATE.md file. There is enough flexibility to reconcile all differences using this technology into a signed law. We can even add each agencies' rulemaking into this subsequently.
Contributions should be considered to be in Public Domain.
With this tool we should be able to clearly see changes, discuss those changes in a public forum, easily follow changes amongst different subcommitties, organizations and chambers of Congress, and even see what the modified versions of existing laws will look like.