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: (4) Each Federal Crypto Regulator is required to make available to the public and keep current a list of all Federal licenses, certifications, or registrations required to create or trade in digital assets. (5) Requires the Secretary of the Treasury, through FinCEN, to establish rules similar to financial institutions on the ability to trace cryptocurrency transactions. A breakdown of how each term is defined in the bill is listed below: Crypto-Commodity
In the description of a crypto-commodity, the definition is economic goods or services that a) has full or substantial fungibility, b) the markets treat with no regard for who produced the goods or services, and c) rests on a blockchain or decentralized cryptographic ledger. Crypto-Currency
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: (1) such representations or synthetic derivatives that are reserve-backed digital assets that are fully collateralized in a correspondent banking account, such as stablecoins. (2) synthetic derivatives that are determined by decentralized oracles or smart contracts; and collateralized by crypto-commodities, other crypto-currencies, or crypto-securities. Crypto-Security
Crypto-security means all debt, equity, and derivative instruments that rest on a blockchain or decentralized cryptographic ledger, with an exception.