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Us Congressman Introduces Crypto Regulation Bill While in Quarantine

Re. Paul Gosar is not letting his coronavirus quarantine stop him from serving the people. The Congressman from Arizona recently introduced the Cryptocurrency Act of 2020 before Congress while still in quarantine.

This new bill aims to clarify the role of various federal agencies when it comes to regulating different types of cryptocurrencies. According to the lawmaker, the US needs to be a leader when it comes to the crypto industry.

His Quarantine

Rep. Paul Gauser is in self-quarantine after he was exposed to a person who had the virus. He said that while he was still in quarantine, he was introducing the bill that he and his team had been working on for months. The Congressman added that he believed provided regulatory clarity to the crypto industry would make it easier for institutions, businesses, and ordinary Americans to participate in the sector. He said that his bill would help to get rid of uncertainty, murkiness, and confusion.

Gosar has been a member of Congress since 2011. He said that he and his staff were exposed to someone infected with the virus at CPAC. However, he insisted that neither he nor his staff had shown any symptoms.

What the Cryptocurrency Act of 2020 States

The bill aims to provide clarity on what each federal agency’s role is when it comes to crypto regulation. Besides that, it would compel federal agencies to notify the public of any certifications, licenses, or registration they need to create or trade using crypto or for any other purpose.

In the bill, cryptocurrencies are divided into crypto-commodity, crypto-currency, and crypto-security. It proposes that the CFTC oversees crypto-commodities, the Financial Crimes Enforcement Network and the Comptroller of Currency oversee crypto-currencies and that the SEC regulates crypto-securities and synthetic stablecoins.

A synthetic stablecoin is defined as a representation of a fiat currency issued by the US or a foreign government, which is collateralized one-to-one with that fiat currency. This fiat currency has to be deposited in a depository institution, which is fully insured.

Summary

Paul Gosar’s bill aims to ensure that America remains a leader in the crypto space. He said that as the technology spreads globally, the US could help to guide the development of the sector.

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