Arizona Congressman introduces Crypto Friendly Bill! Paul Gosar is the Arizona Congressman introducing the bill that will bring clarity to the crypto industry in the United States. The bill is called the Crypto-Currency Act of 2020.
One of the key things that the draft bill does is define three types of crypto asset; crypto commodities, crypto currencies, and crypto securities, per a discussion draft of the proposed bill.
Crypto-commodities are defined in the bill as economic goods and or services. They’d be stored on a blockchain and the market would treat it with no regard as to who produced the asset.
Crypto-currencies are defined in the bill as representations of US currency or synthetic derivatives testing on a blockchain. This also includes stable coins.
Crypto-securities cover all debt, equity and derivative instruments on a blockchain, other than those which are operated and registered as complaint money services businesses.
Each type of crypto-asset would fall under the jurisdiction of a different regulatory body, to act as the ‘Federal Crypto Regulator’ or ‘Federal Digital Asset Regulator’ for that type.
As might be expected, the Commodity Futures Trading Commission (CFTC) would be the agency in charge of crypto-commodities, and the Securities and Exchange Commission (SEC) would cover crypto-securities.
The Financial Crimes Enforcement Network (FinCEN) would then be left to regulate crypto-currencies.
What do you think? Let us know on our Facebook page!
