Rep. Warren Davidson (R-OH) reintroduced the Token Taxonomy Act (TTA) on Wednesday.
The legislation aims to amend the Securities Exchange Act of 1934 to distinguish digital tokens from other types of assets.
Davidson first introduced the bill in 2018, but it never saw a vote during that session of Congress. He reintroduced the TTA in 2019, and has now done so again for this session of Congress. The contents of the bill have not changed since its reintroduction in 2019.
The TTA would provide a "workable federal regulatory structure," for digital assets, according to Davidson. Currently, there is more of a patchwork approach to crypto regulation, with different states and agencies setting a variety of standards. The TTA would aim to set some agreement on the characteristics of a token that fall under securities laws.
Reps. Ted Budd (R-NC), Darren Soto (D-FL), Scott Perry (R-PA) and Josh Gottheimer (D-NJ) are co-sponsoring the bill. The Blockchain Association has also endorsed the bill in this cycle.
“The bills Rep. Davidson and I have collaborated on add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States," said Soto.
The bill in its full form has yet to gain meaningful traction in Congress, but a piece of it made it out of committee in 2020. Crypto-friendly lawmakers have continued to tout the piece of legislation as a way forward for crypto regulation in Congress.