<p>Rep. Warren Davidson (R-OH) reintroduced the Token Taxonomy Act (TTA) on Wednesday.</p> <p>The legislation aims to amend the Securities Exchange Act of 1934 to distinguish digital tokens from other types of assets. </p> <p>Davidson first introduced the bill in 2018, but it never saw a vote during that session of Congress. He <a href="https://www.theblockcrypto.com/linked/18996/token-taxonomy-act-reintroduced-providing-sharper-legislative-language-to-congress">reintroduced</a> 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.</p> <p>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. </p> <p>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. </p> <p>“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.</p> <p>The bill in its full form has yet to gain meaningful traction in Congress, but a <a href="https://www.forbes.com/sites/jasonbrett/2020/09/09/congress-moves-closer-to-consensus-on-regulatory-clarity-for-digital-tokens-and-blockchain/?sh=334b904a1036">piece</a> of it made it out of committee in 2020. Crypto-friendly lawmakers have continued to <a href="https://www.theblockcrypto.com/daily/75569/rep-soto-defi-isnt-on-congresss-radar-but-proposed-bills-set-stage">tout</a> the <a href="https://www.theblockcrypto.com/daily/78444/policy-leaders-dc-defi-wrap">piece</a> of legislation as a way forward for crypto regulation in Congress.</p>