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The bill would adapt the Securities Act of 1933 to establish a three-year safe harbor for token development teams to offer those tokens for sale without full registration as a securities offering on the condition that the network decentralizes over the course of those three years.
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The bill comes just half an hour before the Financial Services Committee's hearing with SEC Chairman Gary Gensler. Also this morning, Representative McHenry released a letter to Gensler, which said "You have made a series of concerning and apparently self-contradicting public statements regarding crypto assets and other innovative technologies."
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