A new bill, the Token Taxonomy Act was introduced to congress to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.
Continue Reading New Effort to Exempt Crypto Currency from Certain SEC, Tax and Other Regulatory Burdens

James Gatto
Jim Gatto is a partner in the Intellectual Property Practice Group in the firm's Washington, D.C. office. He is Leader of the Blockchain & Fintech Team, Social Media and Games Team and Open Source Team.
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SEC Declares That Initial Coin Offerings (ICOs) May Be Securities; Finds DAO a Security
By James Gatto on
Posted in Securities and Exchange Commission
The SEC has opined that, depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities. If they are securities, the offer and sale of these virtual coins or tokens in an ICO are subject to the federal securities laws.…
Continue Reading SEC Declares That Initial Coin Offerings (ICOs) May Be Securities; Finds DAO a Security