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: While insisting that he is not experiencing any symptoms, Gosar said, “I will remain at my home in Arizona until the conclusion of the 14 day period following my interaction with this individual.” He added that his office in Washington, D.C., is closed for a week. Proposed Regulators Under Cryptocurrency Act of 2020
The aim of the bill, according to its text, is 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 defines “crypto-commodity,” “crypto-currency,” and “crypto-security.” It proposes that the Commodity Futures Trading Commission (CFTC) be the primary 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) be the regulator of crypto-securities and “synthetic stablecoins.” 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. “