The US is currently undergoing the most extensive changes in decades. The current government has decided on significant changes aimed at transforming the US economy into a world leader in digitization and supporting the expansion of the application of digital currencies. The prepared amendment is intended to define and streamline the position of institutions involved in the further direction of the American cryptoeconomics.
Transparency and regulation
The first step is to make the information on licenses, certificates and registrations needed to create new digital currencies and their subsequent trading opportunities more transparent to the public.
It is proposed that:
- The Commodity Futures Trading Commission (CFTC) becomes the primary regulator of digital currencies
- The Financial Crimes Enforcement Network (FinCEN) performes the tasks of enforcing as well as tackling crime via digital currencies as well as digitized ecosystems
- The Securities and Exchange Commission (SEC) acts as digital currency issuer administrator
Defining status and special category of digital currencies
The draft law further defines in more detail the scope, status as well as the possibilities of applying Security tokens and Utility tokens. A special category of “Synthetic Stablecoins” is to be created to represent the currency of a currency issued in the United States or another foreign government, which will be collateralised.
Tracking of transactions and persons
The bill also proposes that FinCEN issues rules that will require each digital currency to allow tracking of transactions as well as persons involved in such transactions. At the same time, FinCEN will carry out audits on stable coins and pay particular attention to their collateral / coverage by reserves or other assets.
Enabling Americans to participate on new forms
Another goal of the law is to enable all Americans to participate in the progress of the American economy through innovative solutions and bold ideas to make the continent a world power as well as a leader in new forms of trade development.
On the one hand, stricter rules from September 2020 for new digital currencies, on the other hand, greater openness of laws to modern innovators. This is the picture of the new America, whose direction through digitization is to bring the development of new forms of trade, banking and insurance. Will EU follow the lead?