A few days back, major media reported that two congressmen had proposed a bill to SEC, looking to have a new Act. The proposed bill seeks to remove cryptocurrencies from the 72-year-old securities definition and urged to define it under new Act called, ‘Token Taxonomy Act’.
“No, they’re not. Terrible Reporting”
Although it was widely discussed across the web and social media back in December 2018 Craig Wright, the nChain chief scientist addressed media today, stating that ‘it’s not real’. Nevertheless, SEC didn’t acknowledge anything officially yet. He pointed out to the report of CNBC as ‘Terrible reporting’ which was shared on Twitter, indicating that the proposed bill is ‘a sign Congress is taking the industry seriously and if it passes massive news for #crypto’.
When the report was first revealed, many users appreciate the efforts; as reported by Coingape, Anthony Pompliano said ‘Virus is Spreading’. Nevertheless, he said that the ‘new assets need proper and modern regulations’.
Two members of the House of Representatives are introducing a bill to exclude cryptocurrencies from the SEC’s definition of securities, according to @Kr00ney.
THE VIRUS IS SPREADING 🚀
— Pomp 🌪 (@APompliano) December 20, 2018
SEC and cryptocurrency have been a hotbed of talk so far and as such, the enforcement initiative is likely focusing on few aspects of cryptocurrency but not other issues concerning the crypto market. Contrary to Craig, other proponents and leaders in the crypto industry including Coincentre welcomed and encouraged the bill. It said that,
“We are happy to see continued action from Congress to implement common-sense clarifications and adjustments to the regulatory treatment of cryptocurrencies.”
Moreover, the bill is yet to be presented to the Securities and Exchange Commission and thus yet to be passed.
Citing Craig’s comment as ‘fake news’, what’s your stake?
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com