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-Commodity
Crypto-Currency
Crypto-Security
Decentralized Oracle
Reserve-Backed Stablecoin
Synthetic Stablecoin
The Chosen Federal Crypto Regulators: SEC, CFTC, and FinCEN
FinCEN To Establish Rules On Tracing Of Transactions
Crypto-Currency Act of 2020 (Draft Discussion)

Content: For a synthetic derivative that is operated and registered with the Department of the Treasury as a money services business and is operated in compliance with all Bank Secrecy Act and all other Federal anti-money laundering, anti-terrorism, and screening requirements of the Office of Foreign Assets Control and the Financial Crimes Enforcement Network. Decentralized Oracle
A ‘decentralized oracle’ means a service that sends and verifies real world data from external sources outside of a blockchain and submits such information to smart contracts that rest on the blockchain, thus triggering the execution of predefined functions of the smart contract. Reserve-Backed Stablecoin
A reserve-backed stablecoin is defined as a representation of currency issued by the United States or a foreign government that rests on a blockchain or decentralized cryptographic ledger, and is fully backed by such currency on a one-to-one basis and fully collateralized in a correspondent banking account. Synthetic Stablecoin
The term ‘synthetic stablecoin’ means a digital asset, other than a reserve-backed stablecoin, that is stabilized against the value of a currency or other asset; and rests on a blockchain or decentralized cryptographic ledger. The Chosen Federal Crypto Regulators: SEC, CFTC, and FinCEN
As three regulators are defined as the new digital asset regulators in the Federal government, this is not the first sign that there may be a common role between them for this new asset class in a similar fashion to how the Federal Reserve, FDIC, and the OCC coordinate their efforts in the regulation of the nation’s largest financial institutions. On October 11, the leaders of each of these regulators wrote a joint statement on activities involving digital assets with respect to their obligations under BSA. Sec Leaders of CFTC, FinCEN, and SEC Issue Joint Statement on Activities Involving Digital Assets
FinCEN To Establish Rules On Tracing Of Transactions
The bill would require the Secretary of the Treasury, acting through 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. In October, the CFTC, FinCEN, and SEC worked together to issue a joint statement on activities involving digital assets.