Cryptocurrency Classification Bill Presented to US Congress

US Congressman Paul Gosar introduced a bill on the classification of cryptocurrencies, which establishes which federal authorities are required to regulate a particular type of crypto asset.

Gosar believes that this bill will clarify the regulation of the cryptocurrency industry in the country. According to the document, digital currencies are divided into three types: cryptocurrency exchange goods, cryptocurrencies and cryptocurrency securities.

Cryptocurrency exchange commodities mean blockchain-based economic goods or services that can be exchanged regardless of who their producer is. This asset group should be regulated by the US Commodity Futures Trading Commission (CFTC).

Cryptocurrencies were identified as derivatives of blockchain-based financial instruments, as well as digital currencies, the parameters of which are set by smart contracts or decentralized oracles. This category should be controlled by the United States Financial Crime Prevention Network (FinCEN).

According to the draft law, cryptocurrency securities include debt instruments, equity financial instruments and blockchain-based derivatives. They must be under the control of the US Securities and Exchange Commission (SEC).