Safe Harbour for Token Projects Might be Created in USA

House of North Carolina spokesman Patrick McHenry has proposed the 2021 Digital Token Transparency Bill that would amend one of the laws governing the US Securities and Exchange Commission (SEC) to provide a safe haven for certain token projects.

McHenry proposed amendments to the Securities Act of 1933, so that token development teams could offer tokens without registration for three years. Within this timeframe, developers will be able to create a completely decentralized network.

Blockchain Association Executive Director Christine Smith praised McHenry’s efforts to create a safe haven, highlighting the need for collaboration between innovators and regulators.

The Chamber of Digital Commerce, a cryptocurrency advocacy group in the United States, said the bill could provide a necessary path for those creating new innovations and solutions using digital tokens.

McHenry also put forward a proposal for the Commodity Futures Trading Commission and the SEC to establish a joint digital asset working group to address the issue of regulatory clarity in the crypto space.

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