A U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. The bill clarifies which federal agencies regulate which type of crypto assets. “It’s crucial that America remains the global leader in cryptocurrency,” the lawmaker said.
Cryptocurrency Act of 2020 Introduced
Rep. Paul Gosar revealed on Monday that he has introduced “the Crypto-Currency Act of 2020.” The lawmaker and some of his staff members are currently under self-quarantine after being exposed to an individual infected with the coronavirus. He wrote:
We may be quarantined, but our work continues. In fact, I just introduced the Crypto-Currency Act of 2020, a bill that my team has worked hard on over the past several months.
“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,” the lawmaker detailed.
Gosar has served as a member of the U.S. House of Representatives from Arizona since 2011. The lawmaker is currently under self-quarantine after he and some of his staff members came in contact with an individual who has since tested positive for and is hospitalized for COVID-19. During the Conservative Political Action Conference (CPAC), he shook hands with the individual several times. While insisting that he is not experiencing any symptoms, Gosar said, “I will remain at my home in Arizona until the conclusion of the 14 day period following my interaction with this individual.” He added that his office in Washington, D.C., is closed for a week.
Proposed Regulators Under Cryptocurrency Act of 2020
The aim of the bill, according to its text, is to “clarify which federal agencies regulate digital assets, 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 bill defines “crypto-commodity,” “crypto-currency,” and “crypto-security.” It proposes that the Commodity Futures Trading Commission (CFTC) be the primary regulator of crypto-commodities, the Financial Crimes Enforcement Network (FinCEN) and the Comptroller of the Currency be the regulators of cryptocurrencies, and the Securities and Exchange Commission (SEC) be the regulator of crypto-securities and “synthetic stablecoins.” The Act defines this type of stablecoin 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 bill also proposes that FinCEN “shall issue rules to require each crypto-currency (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.” Moreover, FinCEN “shall carry out audits of each reserve-backed stablecoin to ensure that each stablecoin is fully backed by currency issued by the United States or a foreign government.”
Lawmaker Wants America to Lead in Cryptocurrency
“It’s crucial that America remains the global leader in cryptocurrency,” Rep. Gosar emphasized on Monday. “As this technology spreads to emerging markets, the United States can continue to guide the development of cryptocurrency.” Noting that “America can’t afford to sit on the sidelines with this one,” he elaborated:
Cryptocurrency offers a way for forgotten and oppressed people to participate in the global economy … A beacon of hope to much of the world, cryptocurrency is becoming one of the fastest growing industries. The United States must remain part of that growth.
The congressman noted that Metal Pay CEO Marshall Hayner and crypto investor Erik Finman provided guidance for his Cryptocurrency Act of 2020.
“It is the role of the government to create an environment where bold ideas can work for the American people,” the lawmaker opined, adding that “Supporting the Crypto-Currency Act of 2020 ensures America will be at the center of the future of commerce, banking, trade, and more.” Rep. Gosar concluded:
Every representative who cares about the livelihoods of their constituents should take a close look at this bill and join me in supporting it.
What do you think of the Cryptocurrency Act of 2020? Let us know in the comments section below.
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Images courtesy of Shutterstock and Rep. Paul Gosar.
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