Title: Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
Headings: Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
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Crypto-Currency Act of 2020 (Draft Discussion)

Content: This bill, were it to be passed, would further reinforce the way these agencies would co-exist as the three ‘Federal Crypto Regulators’ responsible for regulating digital assets. Sec Leaders of CFTC, FinCEN, and SEC Issue Joint Statement on Activities Involving Digital Assets
While many businesses may already consider the SEC and CFTC traditional regulators of these new digital financial instruments, FinCEN - a department within the U.S. Treasury - is generally considered more of a law enforcement agency than a traditional financial services regulator. FinCEN Director Kenneth Blanco recently noted at a Blockchain Symposium in New York on November 15, 2019, that for FinCEN exams,
‘You should be able to tell your examiner, and/or your regulator like FinCEN, how you mitigate risks...identify potentially suspicious activity and comply with reporting and recordkeeping requirements — including the Funds Travel Rule. You can count on being asked about this during an examination.’ Below is a discussion draft of the bill and by denoting the year 2020, is likely something that, after updates by input from the industry, we may see introduced in the New Year. Crypto-Currency Act of 2020 (Draft Discussion)
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[DISCUSSION DRAFT]
116TH CONGRESS
1ST SESSION H. R. ll
To clarify which Federal agencies regulate digital assets, to require those
agencies to notify the public of any Federal licences, certifications, or
registrations required to create or trade in such assets, and for other
purposes. IN THE HOUSE OF REPRESENTATIVES
Mr. GOSAR introduced the following bill;