Bitcoin Daily: SEC Regs Could Exclude Cryptos; Litecoin Founder Has Eye On Survival

A bipartisan bill has been introduced by Congress that would aim to amend the Securities Act of 1933 and the Securities Exchange Act of 1934.

According to CNBC, Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.) introduced the “Token Taxonomy Act,” which would not only redefine “digital token,” but ensure that securities laws would not apply to cryptocurrencies that have become a fully functioning network. Instead, if the bill is approved, digital tokens would most likely be supervised by the Federal Trade Commission (FTC) or the Commodity Futures Trading Commission (CFTC).

“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 other news, Litecoin Founder Charlie Lee is trying to shift focus away from the fact that he sold all his holdings at the height of the market bubble one year ago. Though Lee said at the time that the move was made to prevent a “conflict of interest,” critics have accused him of cashing out before crypto’s steep decline.

“People lose money and they want someone to blame,” Lee said in an interview, according to Bloomberg. “And they think, for some reason, I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”

Now, his focus is on boosting Litecoin‘s use by merchants.

“My sense is that there will be a handful of cryptocurrencies that actually will be used as money,” Lee said. “There’s obviously a lot of scams and currencies not useful at all, and those values will plummet. You are going to see some coins die, and the strong will survive.”

In addition, a Sydney-based startup has launched a crypto debit card that can be used at any business or ATM across Australia.

Cointelegraph reported that BTC.com.au is offering the card for free, and there are no fees to add funds to it. However, there is a $4.99 monthly fee for maintenance, which is refunded to customers who load $500 or more over the course of a month.