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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

New Cryptocurrency Act In Congress Classifies Assets Into Three Distinct Groups

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
cryptocurrency act 2020

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The emerging asset class of cryptocurrency is new, unproven, not yet widely adopted, or even understood. It’s led to much confusion for investors especially when it comes to regulation and tax preparation.

However, a new cryptocurrency-focused bull currently in front of Congress will “fundamentally restructure the way the United States treats cryptocurrency,” by grouping assets into three distinct types.

Cryptocurrency Redefined: Commodity, Security, and Currency

This week, Congress has been reviewing the proposed Crypto-Currency Act of 2020 and discussing the details of how the bill will change the future of the asset class.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency?

The founder and CEO of Metal Pay, Marshall Hayner, spoke in front of Congress regarding the bill he and Representative Paul Gosar worked tirelessly on, and later took to Twitter to reveal some important details about what the bill is proposing.

I had an incredible time introducing the Crypto-Currency Act of 2020 yesterday to Congress.

This Bill will fundamentally restructure the way that the United States treats cryptocurrency buy recognizing three distinct types of crypto. pic.twitter.com/eqZx8xmcUE

— Marshall Hayner (@MarshallHayner) March 10, 2020

Under the Crypto-Currency Act of 2020, the United States would recognize and classify crypto assets by three distinct types.

The first type of asset is “Crypto-Commodity” which is identified as “tradable, fungible, and digital assets” that exist on the blockchain representing contracts, utilities, and even real-world commodities.

Assets such as Bitcoin, Ethereum, and utility tokens would fall under such a category.

The second type of asset is “Crypto-Security” tokens, which are defined as an instrument existing on a blockchain network that is often tied to an external asset, such as a share of a company.

This category would contain assets issued on the blockchain that represent ownership of an external asset, such as the groundbreaking ERC-20 token issuance on the Ethereum blockchain this past week, where the tokens represent a portion of a $40 million investment made to Fatburger parent company Fat Brands.

The third and final type of assets, are “Crypto-Currency” tokens, which the Metal Pay founder says are stablecoins, designed to resistance money-laundering and counterfeiting, among other “common issues.”

Tether, USD Coin, Paxos Standard, the Gemini Dollar, and even Facebook’s Libra would fall into this category.

But Does This Bill Do More Harm Than Good?

However, the bill isn’t all positive for the space.

The Crypto-Currency Act of 2020 also proposes that any companies transacting with individuals related to cryptocurrencies will have their private and personal financial details and info shared with regulatory entities.

Beware of the “Crypto-Currency Act of 2020” or any kind of legislation which may force businesses to spy on, deanonymize, or micro-monitor customers.

This is an attack on financial privacy, which we will desperately need in the future to safeguard democratic rights and freedoms. pic.twitter.com/B9lDM8lxE4

— Alex Gladstein 🌋 ⚡ (@gladstein) March 10, 2020

Cryptocurrency wasn’t just built for digital, peer-to-peer transactions or wealth storage, the asset class was also designed to be censorship-resistant and ensure privacy in the digital era.

This bill essentially cripples this important benefit of cryptocurrencies for investors in the United States.

Related Reading | How Fear and Greed in the Cryptocurrency Market Can Lead To Incredible Profit 

So while it does provide clarity on the different types of crypto assets, and less confusion is always a good thing, there may be better acts to follow – pun intended.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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