The proposal, which has not yet been approved, will divide cryptocurrencies into three categories.
It was recently known, through press releases, that a bill that would help regulate and register cryptocurrencies, their uses and negotiations in the United States was added to the House of Representatives of that North American country.
The project was presented by the American legislator Paul Gosar, who proposes to divide these digital assets into three different categories. Besides, he indicates that it is necessary to create an entity in charge of regulating, as well as the figure or position of the Federal Regulator of Digital Assets.
According to the information regarding the draft bill that will seek to be discussed next year, it is known that its name is “Cryptocurrency Law of 2020”, and that additionally to discussing its scenario and status of action within the financial market, it will also seek to classify all cryptocurrencies according to their uses and potentials.
In this way, cryptocurrencies would be divided into three different groups. Bitcoin will be classified differently than the other cryptocurrencies in the market. These altcoins would be evaluated according to their properties.
The categories that would handle the bill are Cryptocurrencies, Crypto products, and Crypto values. This means that it could have a broad identification of the entire crypto industry.
Besides, the action group that would serve as authority over this new economy within the North American country would be determined. Until the moment, three agencies will be responsible for monitoring, regulating and managing these assets. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Execution Network (FinCEN).
According to a copy of the proposed law published by Forbes magazine, it was known that the entire cryptocurrency market will be defined as a representation of the US currency, which will be supported on a blockchain platform or in a decentralized accounting book.
Then, according to the document, it will have two underlying points at this point, which would be divided into two: the first one will deal with stablecoins, and the second one will deal with smart contracts.
The legislator decided to classify in the category of Crypto products all those goods or services that are fully consumable. This is mainly because of the markets that are supported by a blockchain, or that does not take into account who produced and how much good or service.
On the other hand, the Crypto values are all those classified as equity instruments and all their derivatives as well as debts that are in support of a decentralized accounting book.
Once reaching this point in the law, the writer of the article published in Forbes and dealing with this issue, Jason Brett, commented that there is an exclusion of some derivatives that are registered in the Department of the Treasury as business services monetary services.
Therefore, the Bank Secrecy Law will be in force, which goes hand in hand with all those measures against money laundering, and regulations to prevent terrorist financing. All this is determined by the Financial Crimes Execution Network and with the Office of Foreign Assets Control.
Among other details contained in the draft bill, it was known that the Secretary of the Treasury will have the power to approve rules and conditions that help define and verify transactions made with cryptocurrencies, as well as certify the identity of the people who perform these transactions. This way, a transaction with crypto could be treated as a traditional bank transfer.
By María Rodríguez