April 1, 2023

Cryptocurrency Bill 2020 introduced in US Congress

U.S. Congressman Paul Gosar proposes separation of regulatory functions digital currencies between several departments. It is reported by Forbes.

In particular, the document proposes to divide crypto assets into three categories: directly cryptocurrencies, cryptocurrency exchange goods and cryptocurrency securities.

Regulation of assets falling into the firstcategory, they want to entrust the Financial Crime Prevention Networks (FinCEN), the second - Commodities for derivatives trading (CFTC), and the third - the Commission on Securities and Exchange (SEC).

Cryptocurrency exchange goods are understood asinterchangeable economic goods or services based on the blockchain. According to the document, cryptocurrency securities are all debt, equity and derivative blockchain tools. They suggest calling cryptocurrencies instruments tied to the dollar or “synthesized derivatives on the blockchain”.

At the same time, the authors of the bill called on the US Treasury Secretary through FinCEN to establish rules for tracking cryptocurrency transactions similar to those in force for financial institutions.

Recall that in October, SEC, CFTC and FinCEN issued a joint statement for participants in the crypto industry.