North Carolina House Representative Patrick McHenry has proposed a bill that would amend one of the laws governing the United States Securities and Exchange Commission (SEC) 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.