Cryptocurrency Bill 2020 introduced in US Congress



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Cryptocurrency Bill 2020 introduced in US Congress

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US Congressman Paul Gosar proposed a bill that would allow the separation of digital currency regulation 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.

They want to entrust the regulation of assets falling into the first category to the Financial Crime Networks (FinCEN), the second to the Commodities for Derivative Exchange Trading (CFTC), and the third to the Commission on Securities and Exchange (SEC).

Cryptocurrency exchange goods are understood as interchangeable 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.

Cryptocurrency Bill 2020 introduced in US Congress



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