US congressman presents “Crypto-Currency Act 2020”

• Republican US Congressman Paul Gosar has presented a draft bill entitled “Crypto-Currency Act of 2020” to the House of Representatives.
• The bill divides cryptocurrencies into three categories and makes them subject to a different US federal authority.

For some time now, companies in the crypto sector in the USA have been calling for clear regulation by legal provisions at federal level. So far, crypto companies have had to struggle with various regulations at state level, or in some cases there is a complete lack of regulatory clarity. For example, it has been questionable for over two years whether Ripple’s XRP token is a security.

The Republican US congressman Paul Gosar intends to remove this uncertainty and has introduced a draft bill entitled “Crypto-Currency Act of 2020” in the House of Representatives. As Forbes reports, the bill clarifies the classification of crypto-currencies into different categories and…