Title: Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
Headings: Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
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Content: Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
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Dec 19, 2019,09:00pm EST | 38,155 views
Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
Jason Brett
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As Congress prepares to recess for the holidays, it is a fitting end to 2019, notably marked by the reaction of U.S. lawmakers to the introduction of Project Libra by Facebook, that a bill has surfaced that would provide a sweeping regulatory framework for digital assets including cryptocurrencies. The bill is called the ‘Crypto-Currency Act of 2020,’ and the stated purpose 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. WASHINGTON, DC - OCTOBER 23: With an image of Treasury Secretary Steven Mnuchin on a screen in the ... [+]
background, Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook's proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy. ( Photo by Chip Somodevilla/Getty Images)
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An initial review of the bill provides for the following: (1) Assigns a definition of ‘Federal Digital Asset Regulator’ or ‘Federal Crypto Regulator’ to three agencies - the Commodity Futures Trading Commission (CTFC), the Securities and Exchange Commission (SEC), and the Financial Crimes Enforcement Network (FinCEN). (2) Splits digital assets into three different categories: