The Cryptocurrency Act of 2020 Is ‘Dead on Arrival,’ Washington Tells Sponsors

[Goldlife]

The Cryptocurrency Act of 2020 Is ‘Dead on Arrival,’ Washington Tells Sponsors

An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar (R-Ariz.). It is thought to have little chance of passage at present but, according to lawyers and backers in the industry, it does provide insight into what a top-to-bottom new law governing crypto could look like one day.

Marshall Hayner of Metal Pay and Erik Finman, who became a millionaire from bitcoin (BTC) before the age of 18 and now runs an investment fund, contributed to the discussion draft.

Presented on March 9, the “Crypto-currency Act of 2020” sets out to define categories of digital assets and clarify which federal agency will oversee each tranche. 

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The bill looks to provide not only clarity but legitimacy to crypto assets in the United States,” said Will Stechschulte, Gosar’s legislative assistant, in a press phone call.

See also: ‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay

Regulatory uncertainty hangs like a cloud over the industry as it aims to attract conventional investors. Fully 56 percent of financial advisers cite “regulatory concerns” as reason not to invest in the nascent industry, a recent Bitwise survey.


More info: https://www.coindesk.com/the-cryptocurrency-act-of-2020-is-dead-on-arrival-washington-dc-tells-sponsors