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.