Advocating for Cryptocurrency in America

The U.S. has long been a leader in the development of new technologies like cryptocurrency, but it wasn’t until recently that Congress began to take notice. In March of 2018, Rep. Warren Davidson introduced a bill called the Cryptocurrency Protection Act of 2018 (H.R. 2841). This proposed legislation aims to establish a regulatory framework for crypto assets in America by creating guidelines for consumer protection, cybersecurity and market integrity similar to those currently in place for traditional currencies like dollars or euros.

Rep. Warren Davidson, a Republican from Ohio, has introduced H.R. 901, a bill seeking to establish a regulatory framework for cryptocurrency in the United States. The bill addresses a number of key areas of concern, including consumer protection, cybersecurity and market integrity. The legislation establishes the Cryptocurrency Regulatory Certainty Act of 2018 (the “Act”) to provide certainty around how federal agencies will oversee cryptocurrencies such as bitcoin and other digital currencies that are currently unregulated by law or agency policy before making any determination about whether these products should be regulated under existing laws and regulations governing financial institutions or money transmission businesses.

While the bill addresses a number of key areas of concern, including consumer protection and cybersecurity, it is most notable for being friendly to cryptocurrency users and companies. The bill was introduced by Senator Mike Rounds (R-SD) in December 2018 after an initial hearing on the issue.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance for businesses on cryptocurrency that was largely ignored by many in the crypto world who felt it was too broad. FinCEN clarified that any cryptocurrency with value could be considered a commodity which could then be regulated as such by federal regulators. The guidance sent shockwaves through the industry, causing many companies to reevaluate their policies and procedures around cryptocurrencies and blockchains, while others simply decided not to accept them at all.

FinCEN clarified that any cryptocurrency with value could be considered a commodity which could then be regulated as such by federal regulators. In an effort to stay ahead of the curve and ensure that cryptocurrencies are treated fairly, it was necessary for FinCEN to clarify its position on this issue. In doing so, they made it clear that any cryptocurrency with value can be considered a commodity and therefore subject to federal regulation. This led to a spike in enforcement actions by federal regulators against exchanges registered as money transmitters (MTs), including Coinbase and Gemini, who were not in compliance with their money transmitter registration requirements. This caused some companies to leave the U.S., but also led to strong interest from congress on the need for new regulatory oversight for cryptocurrencies and other digital assets.

The Winklevoss twins are not the only ones who have been vocal about the need for regulation. In fact, when it comes to investor protection and market integrity, there are many voices in Washington that support creating a federal framework for cryptocurrencies. FinCEN issued guidance on the treatment of digital assets like Bitcoin (BTC) and Ethereum (ETH), outlining how businesses should treat them under anti-money laundering laws. This included requiring businesses that trade cryptocurrency as well as businesses dealing with customers who had purchased cryptocurrencies from them to register with FinCEN and meet other requirements if they wanted to continue doing business with these customers or buy/sell bitcoin on their behalf.

Congress is finally taking action to regulate cryptocurrencies in the United States, and it’s a welcome sign that they are listening to the public. It’s clear that Congress recognizes that cryptocurrency has great potential as an alternative financial system, but they also want to ensure consumer protection, cybersecurity and integrity of markets. If congress does not provide welcoming regulatory rules that promote prosperity with cryptocurrency, then the US could lose it’s esteemed crown for being the country that is the most welcoming to new ideas and taking a step backward — which is the wrong direction.

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