Glossary - ChicksX

Cryptocurrency Act of 2020 is proposed U.S. legislation to classify digital assets and assign regulatory bodies for oversight.

Cryptocurrency Act of 2020 is a proposed U.S. law intended to clarify the regulatory framework for digital assets. It seeks to categorize cryptocurrencies into three main groups: crypto-commodities, crypto-currencies, and crypto-securities. Each category would be overseen by different regulatory bodies: the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC), respectively. The goal is to provide a comprehensive legal structure. This would ensure innovation while protecting consumers and maintaining financial system stability.