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Will the Token Taxonomy Act of 2019 become law?

Question

Among the various issues that have beset the once-booming cryptocurrency markets is a high degree of regulatory uncertainty, especially in the US where the SEC has taken a rather firm stance that cryptocurrencies constituted securities and fall under the purview of securities laws of various types.

That might change with the introduction of the Token Taxonomy Act introduced in April 2019. The act would allow the explicit classification of some coins as tokens and not securities, and carries a number of other provisions as discussed e.g. here.

Will something like this become law?

Question resolves positive if by the end of 2020, a law with substantially the same content as the above act is passed by congress and signed. Allowable versions would be:

  • Any law with the given title, or with a very similar title re-introduced in 2020 with Rep. Warren Davidson as a sponsor or co-sponsor.

  • Any law concerning cryptocurrencies, with an overlap of at least 75% of its text with the above act, and with Rep. Warren Davidson as a sponsor or co-sponsor.

If a law is passed in 2019 or 2020 that arguably includes many of the provisions of this act, but does not satisfy the above criteria, question shall resolve as ambiguous.

If no law is passed by 2020 directly addressing cryptocurrencies, or if the only law(s) passed are quite different or contrary to the above law's intent, question resolves negatively.

In the event of a positive resolution, closing time shall be retroactively set to 1 hour before the start of voting by the second body of Congress to vote on the relevant bill.

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