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A bill on classification of digital currencies has been submitted to the US Congress

A bill on classification of digital currencies has been submitted to the US Congress

Us Congressman Paul Gosar introduced a bill on the classification of digital currencies, which establishes which Federal agencies are required to regulate a certain type of crypto assets.

Gosar believes that this bill will clarify the regulation of the cryptocurrency industry in the country. According to the document, digital currencies are divided into three types: cryptocurrency exchange-traded goods, cryptocurrencies, and cryptocurrency securities.

Cryptocurrency exchange-traded goods are economic goods or services based on the blockchain that can be exchanged regardless of who their manufacturer is. This group of assets should be regulated by the us commodity futures trading Commission (CFTC).

Cryptocurrencies have been identified as derivative financial instruments on the basis of the blockchain and the digital currencies, which parameters are defined by a smart contract or decentralized oracles. This category should be controlled by the US financial crimes enforcement Network (FinCEN).

According to the bill, cryptocurrency securities include debt obligations, equity financial instruments, and blockchain-based derivative securities. They must be under the control of the U.S. securities and exchange Commission (SEC).

Recall that last week, SEC Chairman Jay Clayton (Jay Clayton) stated the need for a proactive approach to cryptocurrency regulation. Clayton believes that blockchain promotes capital formation and provides opportunities for institutional and retail investors.