June 19, 2024

Cryptocurrency Bill 2020 introduced in US Congress

US Congressman Paul Gosar proposed a bill to separate regulatory functionsdigital currencies between several departments. It is reported by Forbes.

In particular, the document proposes to divide crypto-assets into three categories: crypto-currencies themselves, crypto-currency commodities and crypto-currency securities.

Regulation of assets falling into the firstcategory, they want to entrust the Financial Crimes Enforcement Network (FinCEN), in the second — Commodity Futures Trading Commission (CFTC), and thirdly — Securities and Exchange Commission (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.