{"id":4323,"date":"2020-11-26T10:42:26","date_gmt":"2020-11-26T10:42:26","guid":{"rendered":"https:\/\/paybis.com\/blog\/?p=4323"},"modified":"2023-07-21T14:29:01","modified_gmt":"2023-07-21T14:29:01","slug":"cryptocurrency-act-of-2020","status":"publish","type":"post","link":"https:\/\/paybis.com\/blog\/cryptocurrency-act-of-2020\/","title":{"rendered":"The Cryptocurrency Act of 2020: Is It a Feasible Framework?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Earlier this year, the world of crypto experienced a large market crash due to the economic instabilities caused by COVID19. The pandemic led to large fluctuations in the price of Bitcoin, causing many to see it as an opportunity to finally invest in the popular cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the same time, the <\/span><a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/house-bill\/6154\/text?q=%7B%22search%22%3A%5B%22crypto-currency+act%22%5D%7D&amp;r=1&amp;s=2#:~:text=Introduced%20in%20House%20(03%2F09%2F2020)&amp;text=To%20clarify%20which%20Federal%20agencies,assets%2C%20and%20for%20other%20purposes.\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cryptocurrency act of 2020<\/span><\/a><span style=\"font-weight: 400;\"> was released as well. The bill explains which federal agencies will be responsible for the regulatory framework of what type of crypto assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The introduction of the bill came less than a month after the Trump administration released its <\/span><a href=\"https:\/\/cointelegraph.com\/news\/trumps-proposed-budget-snubs-blockchain-crypto-in-crosshairs-of-security-service\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">proposed budget allocation<\/span><\/a><span style=\"font-weight: 400;\">, in which the topic of cryptocurrency is briefly mentioned. According to the proposal, regulations are expected to tighten up in the coming year, as Bitcoin continues to become more mainstream.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So what is the cryptocurrency act of 2020 all about, and how will it affect the way we currently use cryptocurrency and <a href=\"https:\/\/paybis.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">buy bitcoins<\/a>? In the following chapters, we will discuss the highlights of the report, and share our thoughts on them.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Cryptocurrency act of 2020 &#8211; The highlights<\/span><\/h2>\n<p><picture class=\"attachment-pinterest\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-4324 aligncenter\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica-1024x576.jpg\" alt=\"the cryptocurrency act of 2020\" width=\"1024\" height=\"576\" srcset=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica-1024x576.jpg 1024w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica-300x169.jpg 300w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica-150x84.jpg 150w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica-768x432.jpg 768w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/murica.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><a href=\"http:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fpaybis.com%2Fblog%2Fcryptocurrency-act-of-2020%2F&media=https%3A%2F%2Fpaybis.com%2Fblog%2Fwp-content%2Fuploads%2F2020%2F11%2Fmurica-1024x576.jpg&description=The+Cryptocurrency+Act+of+2020%3A+Is+It+a+Feasible+Framework%3F\" class=\"pin-it-button\" target=\"_blank\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12.289,2C6.617,2,3.606,5.648,3.606,9.622c0,1.846,1.025,4.146,2.666,4.878c0.25,0.111,0.381,0.063,0.439-0.169 c0.044-0.175,0.267-1.029,0.365-1.428c0.032-0.128,0.017-0.237-0.091-0.362C6.445,11.911,6.01,10.75,6.01,9.668 c0-2.777,2.194-5.464,5.933-5.464c3.23,0,5.49,2.108,5.49,5.122c0,3.407-1.794,5.768-4.13,5.768c-1.291,0-2.257-1.021-1.948-2.277 c0.372-1.495,1.089-3.112,1.089-4.191c0-0.967-0.542-1.775-1.663-1.775c-1.319,0-2.379,1.309-2.379,3.059 c0,1.115,0.394,1.869,0.394,1.869s-1.302,5.279-1.54,6.261c-0.405,1.666,0.053,4.368,0.094,4.604 c0.021,0.126,0.167,0.169,0.25,0.063c0.129-0.165,1.699-2.419,2.142-4.051c0.158-0.59,0.817-2.995,0.817-2.995 c0.43,0.784,1.681,1.446,3.013,1.446c3.963,0,6.822-3.494,6.822-7.833C20.394,5.112,16.849,2,12.289,2\"><\/path><\/svg><\/a><\/picture><\/p>\n<p><span style=\"font-weight: 400;\">US lawmaker Paul Gosar introduced the crypto-currency act of 2020 with the premise that America should remain the global leader in the field of cryptocurrency. He noted that the US can continue to grow as a result of the industry\u2019s spread to emerging and developing markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But how does this translate into actual crypto regulation? Well, that is exactly what the cryptocurrency act is all about. Here are the highlights you need to keep in mind, especially if you are a US resident:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>The bill splits differentiates crypto assets by splitting them into 3 different types<\/b><span style=\"font-weight: 400;\">: (1) crypto-commodities, (2) crypto-currencies, and (3) crypto-securities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It proposes that <\/span><b>crypto-commodities<\/b><span style=\"font-weight: 400;\"> need to be regulated by the Commodity Futures Trading Commission (CFTC)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It further proposes that <\/span><b>crypto-currencies<\/b><span style=\"font-weight: 400;\"> are under the supervision of the Financial Crimes Enforcement Network (FinCEN), as well as the Controller of the Currency.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, it proposes that <\/span><b>crypto-securities<\/b><span style=\"font-weight: 400;\"> and \u201csynthetic stablecoins\u201d need to be overlooked by the Securities and Exchange Commission (SEC).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Note that, according to the act, \u201csynthetic stablecoins\u201d are all the cryptocurrencies that represent a currency issued by the USA or another government. These virtual coins are to be collateralized on a 1:1 ratio with such FIAT currencies, which will be deposited in an insured depository institution. Examples of such coins include Tether (USDT), and USD Coin (USDC).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To understand the details of the currency act in more detail, make sure you check out the following video:<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/bMqlDoC7bQo\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What does this mean for crypto? Is Bitcoin dead?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Far from it! The cryptocurrency act of 2020 acts as a bridge between the \u201cwild west\u201d of crypto and the regulatory parties that keep an overview of financial markets. Shortly after the bill was introduced, more institutions and celebrities started allocating significant amounts of money, as they saw the potential for further growth. These events are also partially responsible for the rapid growth in Bitcoin\u2019s price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, is Bitcoin dead? Certainly not! However, the US is known for its notorious willingness to keep a tight loop on every new emerging technology that could affect financial markets. Bitcoin regulation is far harsher for US residents than it is for most countries. For that reason, Paul Gosar\u2019s statement that \u201cAmerica currently is a global leader in the field of cryptocurrency\u201d is far from true. All one needs to do is look at the facts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The government categorically shut down Facebook\u2019s Libra just over a year ago, without giving any specific reason for doing so. The project is still on temporary hold awaiting a final answer from congress.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/vPu4kn5GN5M\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adding to that, Bitcoin analyst Antony Pompliano went on CNBC over a year ago to point out the importance of digitizing the US dollar for America to stay ahead of its competitors in the crypto revolution. Due to the lack of public awareness and unwillingness to innovate, there is still no established government cryptocurrency, and China seems to be getting ahead of the race.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I went on CNBC almost a year ago and said that the US must digitize the dollar immediately.<\/p>\n<p>Nobody listened and now the US is behind China.<\/p>\n<p>It ultimately won\u2019t matter though because people will choose Bitcoin.<\/p>\n<p><a href=\"https:\/\/t.co\/8xvozAtFZr\">pic.twitter.com\/8xvozAtFZr<\/a><\/p>\n<p>\u2014 Pomp \ud83c\udf2a (@APompliano) <a href=\"https:\/\/twitter.com\/APompliano\/status\/1318168921493721094?ref_src=twsrc%5Etfw\">October 19, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">Will the US catch up?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">At the moment, the future of America is covered with a huge haze of uncertainty. With the second lockdown being upon us, and the results of the recent presidential election, the only opinions are either biased or subjective.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within the cryptocurrency act of 2020, Rep. Gosar mentions that \u201cit is the role of the government to create an environment where bold ideas can work for the American people\u201d, something that is not often seen when it comes to technological advancements. He added that, by supporting the newly drafted bill, \u201cAmerica will be at the center of the future of commerce, banking, trade, and more\u201d. This sounds a lot like Anthony Pompliano\u2019s advice that went unnoticed back in 2019.<\/span><\/p>\n<p><picture class=\"attachment-pinterest\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-4325 aligncenter\" src=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/pomp.jpg\" alt=\"cryptocurrency act\" width=\"971\" height=\"511\" srcset=\"https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/pomp.jpg 971w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/pomp-300x158.jpg 300w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/pomp-150x79.jpg 150w, https:\/\/paybis.com\/blog\/wp-content\/uploads\/2020\/11\/pomp-768x404.jpg 768w\" sizes=\"auto, (max-width: 971px) 100vw, 971px\" \/><a href=\"http:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fpaybis.com%2Fblog%2Fcryptocurrency-act-of-2020%2F&media=https%3A%2F%2Fpaybis.com%2Fblog%2Fwp-content%2Fuploads%2F2020%2F11%2Fpomp.jpg&description=The+Cryptocurrency+Act+of+2020%3A+Is+It+a+Feasible+Framework%3F\" class=\"pin-it-button\" target=\"_blank\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12.289,2C6.617,2,3.606,5.648,3.606,9.622c0,1.846,1.025,4.146,2.666,4.878c0.25,0.111,0.381,0.063,0.439-0.169 c0.044-0.175,0.267-1.029,0.365-1.428c0.032-0.128,0.017-0.237-0.091-0.362C6.445,11.911,6.01,10.75,6.01,9.668 c0-2.777,2.194-5.464,5.933-5.464c3.23,0,5.49,2.108,5.49,5.122c0,3.407-1.794,5.768-4.13,5.768c-1.291,0-2.257-1.021-1.948-2.277 c0.372-1.495,1.089-3.112,1.089-4.191c0-0.967-0.542-1.775-1.663-1.775c-1.319,0-2.379,1.309-2.379,3.059 c0,1.115,0.394,1.869,0.394,1.869s-1.302,5.279-1.54,6.261c-0.405,1.666,0.053,4.368,0.094,4.604 c0.021,0.126,0.167,0.169,0.25,0.063c0.129-0.165,1.699-2.419,2.142-4.051c0.158-0.59,0.817-2.995,0.817-2.995 c0.43,0.784,1.681,1.446,3.013,1.446c3.963,0,6.822-3.494,6.822-7.833C20.394,5.112,16.849,2,12.289,2\"><\/path><\/svg><\/a><\/picture><\/p>\n<p><span style=\"font-weight: 400;\">Will the government finally act upon these recommendations and build an ecosystem to support this technological innovation? It certainly seems so when looking at the new formation of the senate. Just recently, congresswoman and Bitcoin advocate Cynthia Lummis won a senate seat representing Wyoming. We expect to hear more news of this nature as Bitcoin continues to climb in value within 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, the US and other governments are now well aware of how cryptocurrencies are reshaping our financial system. Even though more regulations and bitcoin laws seem like bad news for most investors, they are the driving force that will help the technology disrupt many industries, helping it go mainstream along the way.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">So is Bitcoin here to stay?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The growing interest of financial institutions, large scale investors, as well as corporations indicates that Bitcoin is no longer a purely speculative asset. Its features and characteristics make it a great store of value that more and more people seem to promote as inflation rates continue to grow. So even believe that the popular cryptocurrency could replace gold at some point in the next decade. If this were to happen, not only would Bitcoin trade closer to $500.000 per coin, but regulations would become much tighter.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">&#8220;It&#8217;s hard to say whether it&#8217;s [<a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\">#btc<\/a>] worth the price it is trading at today. But do I think it is a durable mechanism that&#8211;do I think could replace gold to a large extent? Yeah I do, because it&#8217;s so much more functional,&#8221; says BlackRock&#8217;s Rick Rieder. <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrency<\/a>. <a href=\"https:\/\/t.co\/ipwr22xwZ1\">pic.twitter.com\/ipwr22xwZ1<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1329771252005924866?ref_src=twsrc%5Etfw\">November 20, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The main concern at this point, given that money printing, continues at its current rate, is how the cryptocurrency act of 2021 will look like. Will, there be an increase in capital gains taxation for those that simply HODL their coins, and how will traders have to adapt based on this? With 2020 coming to an end we can now clearly see that Bitcoin is entering into a stage of maturity, and those who manage to see this will be rewarded accordingly.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Wrapping up<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In this article, we explored the highlights of the most recent crypto act of 2020 and briefly discussed where we\u2019re headed. While there is still a lot of uncertainty to account for, Bitcoin is becoming less of a \u201chigh risk\u201d investment, and more of a \u201clifebuoy\u201d for the average investor.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To summarize the key points of the cryptocurrency act, here is what you need to remember:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The bill splits digital assets into crypto commodities, cryptocurrencies, and crypto securities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Each of the 3 categories is regulated by a different federal agency.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While the bill may initially seem like bad news, it actually brings us one step closer to mainstream adoption and an increase in <\/span><a href=\"https:\/\/paybis.com\/price\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cryptocurrency prices<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you enjoyed this article and are ready to <\/span><span style=\"font-weight: 400;\">buy bitcoins<\/span><span style=\"font-weight: 400;\">, make sure you head over to Paybis to start your transaction. The sooner you manage to obtain your coins, the better your potential to become part of the most important wealth transfer in human history.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Frequently Asked Questions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the information in this article sounded a little too complex to understand, don\u2019t worry. In this section, we will answer all of the questions that you may have with regards to the cryptocurrency act of 2020.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is a (crypto) commodity in the context of investing?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When talking about crypto commodities in terms of investments, we refer to a tradable and fungible asset that represents some form of utility or commodity in the blockchain. Its quality and standards tend to fluctuate depending on market conditions and grading mechanisms. To learn more about the specifics and background of crypto commodities, make sure you read <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/c\/crypto-commodity.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">this article<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is a (crypto) security in the context of investing?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Securities are somewhat similar to commodities in the fact that they are exchangeable and utilized within a blockchain. However, they are not the same. SEC chairman Jay Clayton mentioned that each project undergoes the Howey test &#8211; a framework to determine whether a cryptocurrency is an investment contract (security). Several factors come into play when making this decision. For example, when an ICO delivers its tokens to users who do not expect the development team to carry out their promises, the concept of an investment contract is no longer valid, and thus the project is no longer considered to be a security. This also means that projects can change in nature over time.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Are there any other \u201cpro-Bitcoin\u201d politicians?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, at the moment of this writing there are at least a dozen US politicians that are vocal about Bitcoin\u2019s potential in the technological future. You can read more about those politicians and their background by reading <\/span><a href=\"https:\/\/www.coindesk.com\/pro-bitcoin-politicians\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">this article<\/span><\/a><span style=\"font-weight: 400;\">. It is believed that there will be more politicians added to this list in the coming year.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Could we eventually see Bitcoin-fueled retirement plans as well?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Given the fact that regulations are tightening in the world of crypto, there is a very likely scenario that we will see pension funds and retirement plans being fueled by cryptocurrency. We may also see a diversification towards cryptocurrencies among other investment options. And this is already starting to happen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After testing for more than a year, US-based investment adviser Digital Asset Investment Management (DAiM), has introduced what is more commonly known as employer-sponsored retirement plans in Bitcoin. The retirement plan aims to pursue companies to place a small amount of Bitcoin in a savings account each month, to collect a significant amount of value by the time an employee retires. For those starting right now, this alternative way to gradually build exposure in Bitcoin could lead to massive wealth and is thus worth considering. That being said, there is still a significant amount of risk in play, given that the protocol would have to keep running without any issues for decades to come.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this year, the world of crypto experienced a large market crash due to the economic instabilities caused by COVID19. The pandemic led to large fluctuations in the price of Bitcoin, causing many to see it as an opportunity to finally invest in the popular cryptocurrency.\u00a0 During the same time, the cryptocurrency act of 2020 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[50,132,193,196],"tags":[164,200],"businesses_tag":[],"class_list":["post-4323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-discussion","category-individuals","category-news","category-law","tag-bitcoin","tag-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Cryptocurrency Act of 2020 &amp; its Effect on Bitcoin - Paybis Blog<\/title>\n<meta name=\"description\" content=\"Earlier this year, the cryptocurrency act revealed a bill that made many many investors uncomfortable. 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