While under Coronavirus quarantine, the USA lawmakers introduced the cryptocurrency act of 2020. The act was introduced by a US congressman from Arizona and it is known as ‘Dead on arrival’.
Cryptocurrency is a digital asset that is designed to work as a medium of exchange wherein individual coin records are stored in a computerized database. Let’s check what is the cryptocurrency act in 2020 and how it affects the crypto world.
What is the Cryptocurrency Act 2020?
The cryptocurrency act of 2020 was introduced in March by lawmakers of America. Those lawmakers and team members were in quarantine after being exposed to an individual infected with the coronavirus while introducing the act.
That is, even though they were in quarantine, their work continued. The cryptocurrency act 2020 is a bill that the lawmaker team has worked hard on over the past several months.
The lawmaker said, “By providing much-needed regulatory clarity about cryptocurrency, we will make it easier for businesses, institutions, and everyday Americans to participate in this growing industry.
No more murkiness, uncertainty, or confusion.” Rep. Paul Gosar, who served as a member of the USA house of representatives announced that he introduced the cryptocurrency act of 2020.
After shooking his hands with the individual exposed to COVID-19, during the Conservative Political Action Conference(CPAC), he entered into self-quarantine and said, “I will remain at my home in Arizona until the conclusion of the 14 day period following my interaction with this individual.”
What is the aim of the bill?
The proposed regulators under the cryptocurrency act 2020 aim to clarify which federal agencies regulate digital assets, and to require those agencies to notify the public of any federal licenses, certifications, or registrations required to create or trade in such assets, and for other purposes.
The proposed bill also gives a detailed definition of “crypto-commodity,” “crypto-currency,” and “crypto-security.”
The bill gave the complete power to the Commodity Futures Trading Commission (CFTC) to be the primary regulator of crypto-commodities, the Financial Crimes Enforcement Network (FinCEN) and the Comptroller of the Currency to be the regulators of cryptocurrencies, and the Securities and Exchange Commission (SEC) to be the regulator of crypto-securities and synthetic stable coins.
It also defined a stable coin as a representation of currency issued by the United States or a foreign government that is collateralized on a one-to-one basis by such currency, and such currency is deposited in an insured depository institution.
The lawmakers intend to make America as a global leader in cryptocurrency. The people who provided guidance for the cryptocurrency act 2020 are Metal Pay CEO Marshall Hayner and crypto investor Erik Finman. This act will make America at the center of the future crypto economy.
What do you think about the cryptocurrency act 2020? Does it make America a crypto leader? Comment your opinions below.