North Carolina House Representative Patrick McHenry has proposed a bill which would amend one of the laws governing the Securities and Exchange Commission to provide a safe harbor for certain token projects.
In a draft of the “Clarity for Digital Tokens Act of 2021” provided by the House Committee on Financial Services, McHenry suggested amending the Securities Act of 1933 to establish a safe harbor for token development teams. He proposed letting projects offer tokens without registering for up to three years, during which time teams would be given the opportunity to create a fully decentralized network.
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