Presented on March 9, the “Crypto-currency Act of 2020” sets out to define levels of digital assets and simplify which federal bureau will manage each tranche.
Will Stechschulte, Gosar’s parliamentary assistant, in a press phone call. said, “The bill seems to deliver not only clarity but legitimacy to crypto assets in the United States,”.
A recent Bitwise survey found that regulatory concerns as a reason, not to invest in the nascent industry. Regulatory uncertainty has been surely trouble for U.S. investors. Mr.Greenspan founder of Quantum Economics and a former eToro analyst said.”Many projects are simply choosing to move elsewhere.”
The bill distributes digital assets into three categories: crypto-commodity, crypto-currency and crypto-security with the Commodity Futures Trading Commission (CFTC), the Secretary of the Treasury via the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) overseeing each, respectively.
“IT’S DEAD ON ARRIVAL”
After examining the latest version Kristin Smith of the Blockchain Association, said: “It’s dead on arrival,”. The bill will be passed forward to a committee for reviewing.
Within the first week, it will get allotted but I highly doubt the committee will take it, Mr. Goldey, Gosar’s representative said. Finman gave hint that it may be first reviewed by the House Committee on Agriculture.
We don’t know whether the bill passes or not but the bill defines what crypto is and how it should be treated. It makes an effort to refine the problems around cryptocurrency and its relation to the bigger economy.
Donna Redel, board member of New York Angels said the CFTC indicated on currencies are commodities under the Commodity Exchange Act.
“When you inaugurate a crypto product and deal with stable coins, you’re dealing with FinCEN,” Marshall Hayner of Metal Pay said in a phone call. “Anti-money laundering requirements are top of mind for any firm that wants to remain compliant.”
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