Title: Cryptocurrency Act of 2020, the new US bill - The Cryptonomist
Headings: Cryptocurrency Act of 2020, the new US bill
Cryptocurrency Act of 2020, the new US bill
The new ‘Federal Crypto Regulator’ entities
The stablecoins listed in the Cryptocurrency act of 2020

Content: the Commodity Futures Trading Commission (CFTC),
the Securities and Exchange Commission (SEC),
the Financial Crimes Enforcement Network (FinCEN). In addition, each of these three agencies will have specific expertise: the CFTC in the crypto-commodity area, the SEC with crypto-securities and the FinCEN with crypto-currencies. The draft also includes a series of definitions to delimit the categories belonging to the crypto world and therefore the powers of the chosen government bodies. Crypto-commodity, for example, defines those economic goods or services that have a total or substantial fungibility, which the markets deal with regardless of who produced those goods or services, and which are based on a decentralised blockchain or cryptographic ledger. Crypto-currency, on the other hand, is defined as follows: Crypto-currency is defined as representations of United States currency or synthetic derivatives resting on a blockchain or decentralized cryptographic ledger. The types that are included in this definition are: such representations or synthetic derivatives that are reserve-backed digital assets that are fully collateralized in a correspondent banking account, such as stablecoins. synthetic derivatives that are determined by decentralized oracles or smart contracts;