Crypto adoption is not an easy task even for the biggest economy in the world. Moreover, as can be seen from Facebook’s Libra project, cryptocurrencies are struggling to gain recognition due to several factors. However, one U.S. lawmaker wants to change the situation for the better thanks to his crypto-currency act.
Furthermore, Paul Gosar is presenting the bill without a co-sponsor. However, Gosar’s team hopes that other lawmakers will support this bill.
Bitcoin investor Erik Finman helped to draft this bill. Congressman Gosar should be proud of this bill.
U.S. Congress and crypto-currency act
Paul Gosar introduced the “Crypto-Currency Act of 2020”. This bill will tackle several problems. For example, the bill will provide not only clarity but legitimacy to crypto assets in the United States.
This bill aims to divide digital assets into three categories. The first one is crypto-commodity, and the second is the crypto-currency. The third one is the crypto security.
Moreover, the three categories would be governed by the Securities and Exchange Commission and the Secretary of the Treasury via the Financial Crimes Enforcement Network and the Commodity Futures Trading Commission (CFTC).
The Crypto industry is evolving, and it will be hard to stop this process. Moreover, there is no need to created problems for this emerging market. The Crypto-currency act will help to address some of the main issues connected with this industry. Investors, cryptocurrency owners, and politicians should work together to find a solution that will be acceptable for all sides.
Paul Gosar made the correct decision. Moreover, other lawmakers should come up with such proposals. This way, it will be easier to choose the best bill that will serve the interest of all interested parties.
Furthermore, countries around the world should take part in this process. Private and governmental organizations should work together to identify and solve all the issues related to cryptocurrencies.