US Congress considers passing crypto regulations bill

posted 4 months ago
A US lawmaker (Paul Gosar, Republican-Arizona) introduced the “Cryptocurrency Act of 2020” bill (it's officially in “draft” form.) The bill aims to bring regulatory clarity to the crypto sector and clarify which federal agencies should regulate crypto.

The bill states:
-Commodity Futures Trading Commission (CTFC) regulates crypto-commodities (defined as "economic goods or services.”)
-SEC regulates crypto-securities (defined as "all debt, equity, and derivative instruments that rest on a blockchain.")
-Financial Crimes Enforcement Network (FinCEN) regulates cryptocurrency (defined as representations of US currency or "synthetic derivatives resting on a blockchain.")

Lastly, the Secretary of the Treasury and FinCEN require the tracing of cryptocurrency transactions, and persons engaging in such transactions, in a manner similar to that required of financial institutions with respect to currency transactions. It remains to be seen whether Gosar’s bill will move ahead in the new year to provide regulatory clarity.
Tags: bitcoin, blockchain, news