Two members of Congress are looking to overhaul the current securities laws to make way for new crypto regulations.

Reps. Warren Davidson, R-Ohio and Darren Soto, D-Fla. proposed a bipartisan bill that would exclude crypto assets from the existing definition of a security. Introduced Thursday, the “Token Taxonomy Act” provides an outline of a “digital token” and proposes amendments to both the Securities Act of 1933 and the Securities Exchange Act of 1934.

The bill follows a roundtable discussion led by Davidson on Capitol Hill in September. More than 50 industry experts from NASDAQ, Fidelity, State Street, the U.S. Chamber of Commerce and more gathered to discuss the future of crypto and the current regulatory shortcomings. Many participants expressed fears that if the US didn’t step up and become a leader in the space, innovation would flee overseas.

In a statement following the bill’s announcement, Davidson echoed their sentiment.

"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."

Crypto advocates have long argued that the 72-year-old securities definition didn’t adequately apply to this new technology and it looks like members of Congress agree. If the US acts aggressively, it can surely become the market leader.

The bill offers a bullish signal in an otherwise bearish market. Bitcoin and the top 100 currencies surged yesterday, with the global market cap gaining more than 30%.

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