U.S. Congress drafts cryptocurrency bill 2020, clear federal agency overseeing digital assets

On December 19, Forbes published an article "Congress considers federal password regulators in the new 2020 cryptocurrency bill", saying that with the advent of Congressional holidays and Libra regulatory disputes, the new 2020 cryptocurrency bill has surfaced. The US Congress is drafting and discussing the 2020 Cryptocurrency Act, which aims to clarify which federal agencies can regulate digital assets. Forbes revealed that the preliminary review of the bill includes: 1. Assigning the definition of "Federal Digital Assets Regulator" or "Federal Crypto Regulator" to three agencies: the Commodity Futures Trading Commission (CTFC), the Securities and Exchange Commission (SEC), and the Financial Crime Enforcement Network (FinCEN). 2. Divide digital assets into three categories: cryptocurrencies, crypto commodities, and crypto securities. 3. Federal cryptocurrency regulators fall into one of the following categories and are defined as the only government agencies authorized to regulate the following: CFTC-crypto commodities; SEC-crypto securities; FinCEN-cryptocurrency. 4. Require each federal crypto regulator to make it public and up-to-date to list all federal licenses, certifications, or registrations required to create or trade digital assets. 5. Ask the U.S. Treasury Secretary to establish rules similar to financial institutions through FinCEN to track the ability of cryptocurrency transactions. In addition, the bill also defines cryptographic terms such as crypto commodities, cryptocurrencies, crypto security, decentralized Oracle, reserve-backed stablecoins, and synthetic stablecoins.