Cryptocurrency News Today – According to reports, one US Congressman has presented a bill that will help regulate different cryptos. This comes as a relief to the ongoing troubles of the global economy caused by the Wuhan-linked virus. The US Congressman who proposed the bill is Paul Gosar. The lawmaker has introduced a cryptocurrency bill that will bring some form of legitimacy to cryptos in the United States.
The crypto bill is called The Cryptocurrency Act of 2020. According to the report, this bill if passed to law, will address the many regulatory issues in the digital asset ecosystem. Despite this report being a favorable one, it appears that the bill may not be passed after all according to experts.
The Founders of Blockchain-based Metal Pay Contributed to the Proceedings
Congressman Paul Anthony Gosar, on March 9, sponsored the Cryptocurrency Act of 2020. The bill aims to offer more legitimacy and clarity to the crypto sector in the U.S. Currently, there isn’t any regulatory framework for cryptos in the United States. The crypto bill proposed by the US lawmaker is designed to define and categorize digital assets.
Per the report, it is understood that Marshall Hayner and Erik Finman the founders of the Blockchain-based payment application Metal Pay, contributed to the proposed crypto bill. According to the bill (The Cryptocurrency Act of 2020), all regulators must move to classify digital assets in three different categories. These categories will include:
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Crypto-commodity
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Crypto-currency
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Crypto -security
The bill also proposes that different regulators will exercise oversight on these different categories. The regulators involved will mainly include the Secretary of the Treasury, the CFTC, and the SEC.
The Crypto Bill May Not be Passed to Law After All
Despite looking like a positive offering for the digital asset space, it seems the highly ambitious bill will not be passed. This bill shows us a glimpse or picture of how clear digital asset regulation will look in the future. However, experts have raised concerns that the bill is unlikely to be passed. But we have to understand that if passed, this bill will try to redefine the outlook of crypto regulations by simplifying the matters around cryptos and its relationship to the traditional economy. The crypto bill defines stablecoins like Tether, USD Coin. Tagging it a representation of the USD (as opposed to BTC, which isn’t backed by the US government and doesn’t represent any national currency in the world).
