Title: US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine – Regulation Bitcoin News
Headings: US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine
US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine
Cryptocurrency Act of 2020 Introduced
Proposed Regulators Under Cryptocurrency Act of 2020
Lawmaker Wants America to Lead in Cryptocurrency
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Content: The Act defines this type of stablecoin as “a representation of currency issued by the United States or a foreign government” that “is collateralized on a one-to-one basis by such currency, and such currency is deposited in an insured depository institution.” The Cryptocurrency Act of 2020 seeks to “clarify which federal agencies regulate digital assets, to require those agencies to notify the public of any federal licenses, certifications, or registrations required to create or trade in such assets, and for other purposes.” The bill also proposes that FinCEN “shall issue rules to require each crypto-currency (including synthetic stablecoins) to allow for the tracing of transactions in the crypto-currency and persons engaging in such transactions in a manner similar to that required of financial institutions with respect to currency transactions.” Moreover, FinCEN “shall carry out audits of each reserve-backed stablecoin to ensure that each stablecoin is fully backed by currency issued by the United States or a foreign government.” Lawmaker Wants America to Lead in Cryptocurrency
“It’s crucial that America remains the global leader in cryptocurrency,” Rep. Gosar emphasized on Monday. “ As this technology spreads to emerging markets, the United States can continue to guide the development of cryptocurrency.” Noting that “America can’t afford to sit on the sidelines with this one,” he elaborated: Cryptocurrency offers a way for forgotten and oppressed people to participate in the global economy … A beacon of hope to much of the world, cryptocurrency is becoming one of the fastest growing industries. The United States must remain part of that growth. Rep. Gosar believes that “It’s crucial that America remains the global leader in cryptocurrency.