A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets.
On March 9, Representative Paul Gosar (R-AZ) introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator.
The proposed regulatory schema
As Will Stechschulte, Gosar’s legislative assistant, explained
“the bill looks to provide not only clarity, but legitimacy to crypto assets in the United States.”
Gosar’s proposal divides digital assets into three categories: crypto-commodity, crypto-currency and crypto-security. Respectively, the three categories would be governed by the Commodity Futures Trading Commission (CFTC), the Secretary of the Treasury via the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC).
Interestingly, the language of the bill would seem to cement the status of digital assets like Bitcoin as crypto-commodities rather than crypto-currencies. The classification of “crypto-currency” reads “representations of United States currency or synthetic derivatives” — more reminiscent of stablecoins like Tether (USDT).
The language behind crypto-securities, remains familiar: “all debt, equity, and derivative instruments that rest on a blockchain or decentralized cryptographic ledger.”
As to non-fungible tokens, the bill makes no mention.