In this roundup, we cover a wide range of regulatory developments in the crypto space. Much has transpired in the U.S., including a new crypto bill, SEC’s proposal, lawmakers seeking answers from the IRS, and the state of Michigan signing several crypto bills into law. We also cover France’s first-approved initial coin offering, a proposal for a unified Muslim crypto, India’s plans to produce 20,000 blockchain experts, and more.
Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy
New US Crypto Bill, SEC’s Proposal, Letter to IRS
U.S. lawmakers are reportedly discussing a new bill entitled “Crypto-Currency Act of 2020.” Its stated purpose is to “clarify which federal agencies regulate digital assets, to require those agencies to notify the public of any federal licences, certifications, or registrations required to create or trade in such assets, and for other purposes.”
The bill divides cryptocurrencies into three types: “crypto-commodity,” “crypto-currency,” and “crypto-security.” It proposes that the Commodity Futures Trading Commission (CFTC) regulates the first type, the Financial Crimes Enforcement Network (FinCEN) the second type, and the Securities and Exchange Commission (SEC) the third type.
Meanwhile, the SEC has proposed amending the definition of “accredited investor” to allow additional qualifications such as those based on professional knowledge, experience, or certifications. This will boost access to crypto investments since a number of them are currently only available to accredited investors. The Commission has also postponed its decision on the proposed rule change filed by NYSE Arca to list and trade shares of the “United States Bitcoin and Treasury Investment Trust.” It has now designated Feb. 26 as the date by which it shall either approve or disapprove this proposed rule change.
As for crypto taxation,
