Congressman Suggests Clarity on US Crypto Regulation
December 20, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
American congressman Paul Gosar introduced a bill aimed at increasing regulatory certainty in the cryptocurrency space. In particular, it involves the distribution of powers of various federal agencies in market surveillance.
According to the proposal, crypto assets should be divided into three categories: crypto-exchange goods, cryptocurrency securities and cryptocurrencies themselves. Each category will be controlled by a separate federal regulator, which will notify the public of the necessary licenses and registration requirements.
The Commodity Futures Trading Commission (CFTC) is proposed to approve the role of the regulator of crypto-exchange goods; The Securities and Exchange Commission (SEC) will deal with cryptocurrency securities, and the Financial Crime Prevention Network (FinCEN) will deal with cryptocurrencies.
In addition, definitions for three types of crypto assets can be introduced. Crypto-exchange goods will be considered “economic goods or services”; cryptocurrencies — instruments tied to the US dollar exchange rate or “synthesized derivatives on the blockchain”; cryptocurrency securities — “all debt, equity and derivatives on the blockchain”.
“Financial Crimes Enforcement Network, shall issue rules to require each cryptocurrency (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,” the document says.
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