Two congressmen are pushing a bill that would exclude cryptos from securities law

December 20, 2018, 3:33PM EDT

Two U.S. congressmen are pushing a bill that could give cryptos the regulatory clarity the market has been clamoring for, according to an exclusive report by CNBC. The so-called Token Taxonomy Act would exclude cryptos from securities laws, the report said. It is being proposed by Warren Davidson, an Ohio Republican, and Darren Soto, a Democrat from Florida. “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space,” Davidson said in a statement, referring to the bill.