The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought.
First of all, this is not something new. Secondly, I find it a bit dumb pushing the SEC to recognize cryptos as securities, because many of them truly are not securities and should indeed be regulated in a different way. Thirdly, the bill was not passed, right? So it's just speculations and attempts of some people to make the US more crypto-friendly, so it has nothing to do with the government actually becoming friendlier. Fourthly, even if somehow the SEC agrees to redefine securities and regulate cryptocurrencies, it's not necessarily a good thing (tax implications, strict requirements to meet for traders and other crypto community members), and it won't be contributing much to mass adoption, since even the stock market, no matter how big it may seem, is certainly not what most people care about or know at least something about.
