U.S. Representative Warren Davidson (R-Ohio) reintroduced his signature bill on Monday, marking the third attempt in three years to push through regulation that would provide a clearer legal standing for cryptocurrencies.

According to a press release from Davidson's office on Monday, the Token Taxonomy Act, first introduced in 2018, seeks to exempt certain cryptocurrencies and digital assets from federal securities laws.

Specifically, the bill aims to amend the Securities Act of 1933 and the Securities Exchange Act of 1940 for that purpose. If successful, regulators such as the Securities and Exchange Commission would be afforded greater clarity on how best to enforce securities laws as it relates to cryptocurrency tokens.

"Currently, a patchwork of laws and regulations creates confusion and even hostility to various blockchain businesses," the release states.

Representatives Ted Budd (R-N.C.), Darren Soto (D-Fla.), Scott Perry (R-Penn.) and Josh Gottheimer (D-N.J.) co-sponsored the bill, which is now making its third pass through the House of Representatives after last hitting a wall in 2019.

Davidson said the window of opportunity for the U.S. to lead the world on blockchain technology is "closing" and that his country needs to move quickly for fear of being "left behind."

See also: US Lawmakers Introduce Bill to Clarify Crypto Regulations

"Other countries have found ways to regulate blockchain projects and, in doing so, have made themselves more attractive to entrepreneurs," according to Davidson.

Only by establishing the "appropriate regulatory environment" can the U.S. ensure blockchain innovations happen locally "for the benefit of Americans," he said.