Congress bitcoin cryptocurrency

The U.S. cryptocurrency scene might be on the way to seeing clear cut crypto regulations as Congress prepares to consider a new bill detailing modalities for digital asset oversight.

Clear Definition for Digital Assets

According to Forbes, the proposed bill titled ‘Cryptocurrency Act of 2020’ seeks to provide a clear framework for crypto regulations in the U.S. beginning with establishing protocols for defining digital assets.

The bill recognizes three distinct types of digital tokens — crypto-commodities, crypto-securities, and cryptocurrencies. According to the bill, crypto-securities cover all blockchain-based derivatives, equity, and debt instruments.

Secondly, the bill delineates the duties and responsibilities of Federal regulators regarding cryptocurrency. As part of the proposed bill, three U.S. regulatory agencies —…

Click to continue reading on its source location…