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U.S. Regulators Ready for Cryptocurrencies in 2020

Earlier this week we looked back at some of the most notable events for cryptocurrencies in 2019. Events in the last 12 months have prompted a kneejerk reaction by government, especially towards Facebook’s dive into digital currencies.

According to a report by Forbes, Congress is planning to unveil a regulatory framework dedicated to digital assets, with a new bill titled “Cryptocurrency Act of 2020.”

Crypto Regulation Clarity Set for 2020?

Source: Cryptocurrency Act of 2020, Section 3

The function of the new bill is to provide much-needed regulatory clarity for the different types of digital assets in the market and to clarify which federal agencies will be overseeing the myriad of different digital assets.

All cryptocurrencies will be sorted into three categories for regulatory oversight; crypto-commodities, crypto-currencies, and crypto-securities.

Digital assets overlapping into other category classifications are certainly a possibility. With a similar framework to the U.S. agencies, the U.K.’s FCA described ETH and XRP as utility and payment tokens with mixed features.

Source: FCA, section 2.6-2.7 https://www.fca.org.uk/publication/consultation/cp19-22.pdf

2019 was the year they noticed, and 2020 could be the year action is taken…

Almost a year ago to the day, two members of the U.S. House of Representatives spearheaded an attempt to make digital assets exempt from current federal securities laws through the Token Taxonomy Act!

Alongside a huge clean-up operation ongoing by the SEC, clarification on whether certain cryptocurrencies are securities has raged on. If this new bill is the real deal, we may get official clarity on the regulatory outlook of our favourite cryptocurrencies sometime in 2020.

This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.

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