- Crypto regulation submitted by Congressman Paul Gosar (R-AZ) will have wide ranging new definitions for crypto and its technology
A member of the US House of Representatives Paul Gosar (R-AZ) has tabled a new bill called Crypto-currency Act of 2020 in the lower house of the Capitol earlier on 9 March 2020. The bill seeks to clarify the regulatory concerns and requirements of cryptocurrencies and legalizes their existence.
According to the congressman’s aide Will Stechschulte, the crypto regulation bill will not only help in regulation of cryptocurrencies but also help in their legalization under the eyes of the law as well. To settle the ages-old debate whether cryptocurrencies are securities or not, the Congressman’s plan envisages three categories instead. There are crypto commodities, crypto currencies, and crypto securities.
The bill was interestingly leaked to the media back in December when it was still in its draft stages. In addition to the leaked details, the bill goes one step further to help in classification of different crypto assets and technologies. The terms smart contracts and crypto ledgers are also defined extensively in the new proposed legislation.
The current issue with the legislation proposal is that representative Gosar has not filed it with the help of a co-sponsor as is the norm within the Congress. Right now, he is the sole sponsor of it and that could create issues for the bipartisan efforts needed to pass such a historic bill.
Image Courtesy: pixabay.com