Arizona Republican Congressman Paul Gosar has introduced a draft discussion bill designed to bring order to the regulation of digital asses in the United States. The Crypto-Currency Act of 2020 would provide clarity on issues like licensing, registrations, and which regulatory bodies are responsible for regulating different kinds of digital assets, Forbes reports.
While the bill is just a draft and will almost certainly be revised in the weeks and months to come, it provides perhaps the first broad outline for creating a cryptocurrency regulatory framework in the U.S. The draft bill would define three specific categories of digital assets: crypto-commodities, crypto-securities, and cryptocurrencies.
Each of the digital asset types would be regulated by one of three regulatory agencies. Crypto-commodities would be subject to regulation by the Commodity Futures Trading Commission (CFTC), crypto-securities would fall under the purview of the Securities and Exchange Commission (SEC), and cryptocurrencies would be regulated by the Financial Crimes Enforcement Network (FinCEN).
Each agency would be designated as a Federal Digital Asset Regulator or Federal Crypto Regulator and would be recognized as the sole federal agency with power to regulate its assigned crypto asset.
The bill also provides definitions for each of the recognized digital asset types, provides requirements for agencies to provide certain public notifications, and even instructs FinCEN to create rules that would mandate more transparent tracking of transactions for all cryptocurrencies.