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Trending Bitcoin News and Market Sentiment 9th March, 2020: Crypto-Currency Act 2020 to Be Presented Soon by US Congressman, Fatburger is First Ethereum-Based Securities to Get Million-Dollar Valuation


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  • Bitcoin slumps along with other markets worldwide, giving up USD 8,000 support to slip to a daily low of USD 7,625 so far
  • US Congressman Paul Gosar is set to present a new “Crypto-currency Act of 2020” with clarifications on categories of cryptocurrency
  • Ethereum-based securities are gaining recognition with a first-time valuation for US restaurant chain Fatburger


Bitcoin markets have followed most of the world’s other assets and markets by slipping away from former strong support at USD 8,000, to a daily low so far at USD 7,625 (CoinDesk). Key altcoins are also losing ground, with ETH breaking its floor of USD 200 for the first time this year.

We’ll avoid coronavirus discussions today as the global pandemic continues to wreak havoc both socially and economically all over the world. We will advise, however, to use rational and logic and deal with the issues as best you can, by being sensible and not giving in to unfounded panic.

One of the biggest items of news that has arrived today is that a United States congressman is now working on further legislations that would clarify how the US Securities and Exchange Commission (SEC) and other regulators would regulate cryptocurrencies. Representative Paul Gosar (R-AZ) talked about his “Crypto-Currency Act of 2020” that his legislative assistant says:

“The bill looks to provide not only clarity, but legitimacy to crypto assets in the United States.”

Apparently, the proposal from Gosar will categorize cryptocurrencies into three main segments, commodity, currency and security, which would respectively fall into the regulatory jurisdiction of 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).

What is of some interest is that the definitions within the bill solidifies Bitcoin as crypto-commodities rather than crypto-currencies. And strangely, or not, stablecoins pegged to US dollar or others appear to better fit the “currency” definition of “representations of United States currency or synthetic derivatives”.

Securities aren’t cryptic and mirror existing definitions, as they are “all debt, equity, and derivative instruments that rest on a blockchain or decentralized cryptographic ledger”.

The bill isn’t exactly a new item since it was leaked in December 2019 but does contain expanded definitions which should give clarity to terms like “smart contract” and “decentralized cryptographic ledger”. These were some phrases that US legislators could not fit into their understanding. One significant addition is how it does away with “sole” regulatory responsibility in favor of “primary” responsibility. What this means precisely will only come later, but it could suggest that the SEC has no right to regulate crypto businesses, as argued by enterprise in the past.

One other thing different here is that Gosar is choosing to present the bill on his own, not needing a co-sponsor. Stechschulte explained:

“For introduction, it’s just going to be Congressman Gosar. […] After introduction, we’re hoping to garner some serious support.”

Gosar’s Communications Director added:

“Since this is such a niche issue, we worked with stakeholders and outside groups/experts to get a good sense of the kind of clarity that the industry needed. We chose to gather stakeholder support before working toward cosponsors.”

Well, they better get going, as the market and industry won’t be waiting for them!

Today, financial services firm Morningstar valued its first Ethereum-based security in the form of those owned by American restaurant chain Fatburger. According to Forbes, the USD 40 million business involves securities issued on Ethereum, although the company’s rating itself was based on conventional paper debt security.

Morningstar did give a thumbs up to transparency on blockchain, citing faster access to data. The debt securities industry is so far thought to be worth USD 117 trillion. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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