- Congress in 2019, and in spite of the upcoming presidential election, this billsare expected to process crypto-related legislation in 2020.
- According to the Digital Currency Centre, 27 bills regarding encryption and blockchain introduced in 2019, most of which have submitted to relevant committees.
- The Blockchain Association is also pushing for passing the Token Classification Act.
Several bills on digital currency and blockchain policies introduced in the U.S. Congress in 2019, and in spite of the upcoming presidential election, this billsare expected to process crypto-related legislation in 2020.
Since Facebook released Libra, there has been a growing interest in establishing a regulatory framework on encryption and blockchain. The Research bills is currently the most likely to get a thumbs up, but reports suggest that lawmakers are still considering the impact of cryptocurrency on global markets.
According to the Digital Currency Centre, 27 bills regarding encryption and blockchain introduced in 2019, most of which have submitted to relevant committees.
The Research bills, Fintech Protection Acts, and the Fight Against Illegal Cyber and Reconnaissance (FIND) Transactions Act has submitted to the Senate.
Policy Advocates believe that the new round of elections and the presidential campaign will consume most of the energy in both houses, leaving very little time for meaningful law-making.
Blockchain Association executive director Kristin Smith said,
The Blockchain Regulatory Certainty Bill is under consideration and supported by U.S. Representatives Tom Emmer and Darren Soto, who represent both parties.
The Blockchain Association is also pushing for passing the Token Classification Act. In an attempt to prepare the U.S. for a digital revolution, the revision of the Securities Act of 1933 and the Securities Exchange Act of 1934 is also necessary.
Though elections may slow down the process, one of these bills expected to get a green signal, said Smith.
The much-awaited Cryptocurrency Bill (2020) was introduced as a draft in 2019 but has not submitted for voting. The bill will define the regulatory powers Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) along with dividing digital currencies into categories.
However, action regarding this bill is unlikely as Washington reportedly has not taken the ill seriously. ” The people involved in drafting the bill are not in the relevant committees and have no relevant expertise. We do not support the promotion of this bill.
So I cannot imagine that it can use in going further in parliament, and apart from acknowledging its existence and providing resources for it, I will not do anything else for the bill,” Smith stated.
This raises the issue of the problem of education of parliamentarians, especially on emerging technologies like blockchain.