Title: Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework – Bitcoin News
Headings: Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Digital Commodity Exchange Act of 2020
What do you think about the Digital Commodity Exchange Act of 2020? Let us know in the comments section below.
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Content: The registration regime is voluntary, but with strong incentives for properly placed trading venues to seek registration. Trading venues would be able to opt into the CFTC Digital Commodity Exchange regime or remain regulated under individual state money transmitter licenses. Furthermore, a registered DCE would be required to hold customers’ cryptocurrencies in a Qualified Digital Commodity Custodian that is regulated by a state, federal, or international banking regulator. The regulator must impose at least the minimum standards set by the CFTC for the entity to be “qualified.” The full Digital Commodity Exchange Act of 2020 bill can be found here. A second cryptocurrency-related bill was also introduced on Thursday. Congressman Tom Emmer introduced the Securities Clarity Act “to provide a path to regulatory certainty for digital assets and other emerging technologies under securities law,” he announced. In March, U.S. lawmakers introduced the Cryptocurrency Act of 2020. What do you think about the Digital Commodity Exchange Act of 2020? Let us know in the comments section below.