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A US congressman from Arizona introduced the 2020 Cryptocurrency Act while he was in quarantine for the coronavirus. The bill clarifies which federal agencies regulate which type of cryptocurrency. “It is imperative that America remains the global leader in cryptocurrency,” the lawmaker said.
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Introduced the Cryptocurrency Act of 2020
Rep Paul Gosar revealed on Monday that he had introduced “the Crypto-Currency Act of 2020”. The lawmaker and some members of his staff are currently in self-quarantine after being exposed to an individual infected with the coronavirus. He wrote:
We may be quarantined, but our work continues. In fact, I just introduced the Crypto-Currency Act of 2020, a bill my team has been working hard on for the past few months.
“By providing the necessary regulatory clarity on cryptocurrency, we will make it easier for companies, institutions and everyday Americans to participate in this growing industry. No more darkness, uncertainty or confusion,” the legislator explained.
Gosar has been a member of the US House of Representatives from Arizona since 2011. The lawmaker is currently in self-quarantine after he and some of his staff came into contact with a person who has since tested positive and is hospitalized in hospital for COVID -19. During the Conservative Political Action Conference (CPAC), he shook hands with the individual several times. While insisting that he is not experiencing any symptoms, Gosar said, “I will stay at my home in Arizona until the 14-day period following my interaction with this person ends.” He added that his office in Washington, DC is closed for a week.
Regulators proposed under the 2020 Cryptocurrency Act
The purpose of the bill, according to its text, is to “clarify which federal agencies regulate digital assets, require those agencies to notify the public of any federal licenses, certifications or registrations needed to create or trade such assets and for others. purposes. “
The bill defines “crypto-commodity”, “crypto-currency” and “crypto-security”. It proposes that the Commodity Futures Trading Commission (CFTC) be the main regulator of crypto-commodities, the Financial Crimes Enforcement Network (FinCEN) and the Comptroller of the Currency be the regulators of cryptocurrencies and the Securities and Exchange Commission (SEC) is the crypto-securities regulator and “synthetic stablecoins”. The law defines this type of stablecoin as “a representation of currency issued by the United States or a foreign government” that “is guaranteed on a one-to-one basis by that currency and that currency is deposited in an insured depository institution.”
The bill also proposes that FinCEN “issue rules to require each cryptocurrency (including synthetic stablecoins) to allow the tracking of transactions in the cryptocurrency and the persons carrying out such transactions in a manner similar to that required of financial institutions with respect to currency transactions. “In addition, FinCEN” will audit any reserve-backed stablecoin to ensure that each stablecoin is fully backed by US-issued or foreign government issued currency.
The legislator wants America to be a leader in cryptocurrency
“It is imperative that America remains the global leader in cryptocurrency,” MP Gosar said Monday. “With the spread of this technology in emerging markets, the US can continue to lead the development of cryptocurrency.” Noting that “America cannot afford to sit on the sidelines with this,” he elaborated:
Cryptocurrency offers a way for forgotten and oppressed people to participate in the global economy … A beacon of hope for much of the world, cryptocurrency is becoming one of the fastest growing industries. The United States must remain part of that growth.
The congressman noted that Metal Pay CEO Marshall Hayner and cryptocurrency investor Erik Finman have provided guidance for its 2020 Cryptocurrency Act.
“The government’s role is to create an environment in which bold ideas can work for the American people,” said the lawmaker, adding that “Support for the 2020 Crypto-Currency Act ensures that America will be at the center of the future of commerce. , banks, commerce and more “. Representative Gosar concluded:
Any representative who cares about the livelihoods of their constituents should look closely at this bill and join me in supporting it.
What do you think of the 2020 Cryptocurrency Act? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, nor a recommendation, endorsement or sponsorship of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock and Rep. Paul Gosar.
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