House bills would revisit regulation of cryptocurrencies

[Pab]

Surprise and by my opinion it explain current price rise
Crypto press is not sharing that news yet
Take close look and read


The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

House bills with bipartisan support would direct regulators to examine new ways to oversee digital assets and protect them from manipulation, as some lawmakers strive to make financial technologies more mainstream.

In the U.S., a group known as the Virtual Commodity Association has been working to establish an industry-sponsored regulator tasked with governing digital assets. If the idea moves forward, it would function in a similar manner to stock markets, where conduct is partly policed by the industry itself.

https://www.rollcall.com/news/congress/house-bills-revisit-regulation-cryptocurrencies

If that bill will pass then even ETF will be possible


“Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” Soto said in a statement. “That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.”

[romero121]

That's a good initiative to use cryptocurrencies on daily needs on a regulated platform. Virtual currencies and the underlying technology is going to make a big change, but countries like America hide to the world the economic crisis prevailing within and the increasing homeless people on the streets. First what need to be preferred is provide them shelters and then needs moving on to technology making everything connective to digital growth.

[hugeblack]

The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

Do you think the definition as a commodity will benefit future adoption of these cryptocurrencies? Also, organizational structure optional, consumer protection?
I think the G20 definition was much better than this adoption.
Overall, the outlook is bright and there is a lot of news that cryptocurrencies do not link to any aggressive activity.

[NeuroticFish]

Interesting find, although from "working on" a bill to seeing it accepted, there's quite some time and decisions that have to work in our favor.

However, I think that it's not the only trigger for the current development. The news about Nasdaq Bitcoin and Ethereum indexes (planned for Feb 25) is another powerful trigger.
And there are also big expectations from Van Eck ETF and Bakkt.

Still, good to see the good news are adding up.

[mrdeposit]

These are important developments, but likely none will be as Bitcoin. What will change if the current papers change to digital? We need money that has a certain supply, has less fee, does not need the middle man and gives freedom. 

[LimLims]

It's really an intresting thing that cryptos will be accepted as a genuine payment method.
For people like me who loves cryptos will definitely support this type of initiatives taken around.
As also this is leading to the rise of Bitcoins many people will definitely be in favour of this kind of bill.
Waititng for more rise of Bitcoins.

[Pab]

Something more

The U.S. state of Wyoming has passed several bills aimed to make the state a top destination for cryptocurrency and blockchain businesses.

The Wyoming House of Representatives approved bill SF0125 last week, which recognizes digital assets as property and clears the way for banks to act as crypto custodians. The bill passed a House vote 54-2 and was concurred in the Senate a day later, with 29 votes for and none against.

The bill defines a digital asset as “a representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency.”

https://www.coindesk.com/wyoming-lawmakers-pass-three-bills-in-boost-for-states-crypto-industry

[dothebeats]

This could have been one of the major drivers of the price rise recently, as this is a good news already per se. Good thing someone in the US gov't came into senses and started doing something good for the sake of cryptocurrencies. This might get a hard time ln scrutinization of the said bill, but at least someone is doing a great job and service to people dealing with crypto. This could also further strengthen the trust of the general public on digital currencies that could potentially be the next big thing for the markets.

[kryptqnick]

In the U.S., a group known as the Virtual Commodity Association has been working to establish an industry-sponsored regulator tasked with governing digital assets. If the idea moves forward, it would function in a similar manner to stock markets, where conduct is partly policed by the industry itself.

https://www.rollcall.com/news/congress/house-bills-revisit-regulation-cryptocurrencies

If that bill will pass then even ETF will be possible

I am not sure the bill will be passed, but if it happens, I wonder how the Virtual Commodity Association will work with the SEC. I mean, the US will essentially have two regulators, but the SEC is about regulating ICOs rather than cryptos, so does it mean that they'll just divide the coins for regulation? While calling cryptos like Bitcoin or Ethereum securities does not make sense, I am not sure that commodities is the right word either. This approach does not recognize cryptos as legal tender, and this is a significant downside anyway. Cryptos are not for trading or holding, the main ones are for obtaining goods and services and should be treated accordingly.

[Velkro]

If that bill will pass then even ETF will be possible

Im not sure why people are so excited about this to the point of it beign holy grail of bitcoin. It isnt.
It CAN pump price but its not required for bitcoin success. Its old-world mechanics, bitcoin is future and good that we on this forum realised that so soon that allowed us to invest good.

[gabmen]

If that bill will pass then even ETF will be possible

Im not sure why people are so excited about this to the point of it beign holy grail of bitcoin. It isnt.
It CAN pump price but its not required for bitcoin success. Its old-world mechanics, bitcoin is future and good that we on this forum realised that so soon that allowed us to invest good.

Well people will realize that an etf approval is overly hyped when it happens. Though bills for regulation i think is a long term benefit more than any etfs. Some regulations may stomp on some btc features but ultimately it's going to lead to higher confidence and eventually, mass adoption.

[Huskarls]

I still cannot understand how this regulation will actually work and which direction it will lean towards. If you want to regulate crypto, why do you reach the bill sector like this?
I don't think this has anything to do with crypto.

If bills decide whether only some crypto is okay, and while other's not, this kind of thing will be very lame

[omone1]

It really will be difficult for Cryptocurrency to make good meaning projection and get pushed to mainstream, attracting institutional funding without a clear cut regulation or policing. There has to be a form of regulations to protect investors from scams and high volatility. Although anything the government or central body takes full regulation could just be another looming slavery. I await their game plan in Crypto. Truth be said, with the market situations, It needs massive support and adoption.

[MakeMoneyBtc]

I still cannot understand how this regulation will actually work and which direction it will lean towards. If you want to regulate crypto, why do you reach the bill sector like this?
I don't think this has anything to do with crypto.

If bills decide whether only some crypto is okay, and while other's not, this kind of thing will be very lame

Yeah,i agree that this category is not the best when we aer talking about integrating it with Bitcoin but i think its still one of the most common thing people do every day. If you want to survive you have to pay bills for a lot of things. You oay bills for electricity,water,your phone,your rent and the list can go on.

[rodel caling]

Surprise and by my opinion it explain current price rise
Crypto press is not sharing that news yet
Take close look and read


The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

House bills with bipartisan support would direct regulators to examine new ways to oversee digital assets and protect them from manipulation, as some lawmakers strive to make financial technologies more mainstream.

In the U.S., a group known as the Virtual Commodity Association has been working to establish an industry-sponsored regulator tasked with governing digital assets. If the idea moves forward, it would function in a similar manner to stock markets, where conduct is partly policed by the industry itself.

https://www.rollcall.com/news/congress/house-bills-revisit-regulation-cryptocurrencies

If that bill will pass then even ETF will be possible


“Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” Soto said in a statement. “That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.”

Hoping this news well gives better statistics from the digital currency but the worried of this regulation crypto control by the government is the freedom  of the people using crypto currency as anonymous form of money.

[leonair]

It really will be difficult for Cryptocurrency to make good meaning projection and get pushed to mainstream, attracting institutional funding without a clear cut regulation or policing. There has to be a form of regulations to protect investors from scams and high volatility. Although anything the government or central body takes full regulation could just be another looming slavery. I await their game plan in Crypto. Truth be said, with the market situations, It needs massive support and adoption.

The fact that Bitcoin is not yet mainstream but having a good price is a threat to other real world currency especially to dollar so if there is a sovereign state that will adopt Bitcoin as their alternative currency to transact in different kinds of payment then that would be a good start to the cryptocurreny world. Regulations will be needed without a doubt as it's needed for safety purposes of the citizens of any country.

 

[squatter]

The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

Do you think the definition as a commodity will benefit future adoption of these cryptocurrencies? Also, organizational structure optional, consumer protection?
I think the G20 definition was much better than this adoption.

What's the G20 definition?

I don't think there can be any all-encompassing definition for digital currencies. Some seem like commodities while others -- like ICOs and STOs -- seem much more like securities. We should probably expect different regulatory structures depending on the type of coin.

[magneto]

Surprise and by my opinion it explain current price rise
Crypto press is not sharing that news yet
Take close look and read


The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

House bills with bipartisan support would direct regulators to examine new ways to oversee digital assets and protect them from manipulation, as some lawmakers strive to make financial technologies more mainstream.

In the U.S., a group known as the Virtual Commodity Association has been working to establish an industry-sponsored regulator tasked with governing digital assets. If the idea moves forward, it would function in a similar manner to stock markets, where conduct is partly policed by the industry itself.

https://www.rollcall.com/news/congress/house-bills-revisit-regulation-cryptocurrencies

If that bill will pass then even ETF will be possible


“Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” Soto said in a statement. “That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.”

Dunno about this one. Firstly, it's only a bill which means that it's obviously not enacted.

Secondly, will classifying certain cryptos and bitcoin as a commodity do any good? A shift in classification doesn't mean much if it doesn't come with some positive consequences, whether from a tax standpoint (which is unlikely in my opinion), or regulatory standpoint. In fact, it could even mean tighter regulations and restrictions in some areas.

Also, where did you obtain the information that bitcoin ETFs may get passed solely because they may be reclassified as commodities? I personally think that whether this regulation actually gets reconsidered or not wouldn't have a significant impact on adoption, as hugeblack mentioned as well.

[MiguelCryptoss]

The bill would clarify which virtual currencies qualify as commodities, provide optional regulatory structure

Do you think the definition as a commodity will benefit future adoption of these cryptocurrencies? Also, organizational structure optional, consumer protection?
I think the G20 definition was much better than this adoption.

What's the G20 definition?

I don't think there can be any all-encompassing definition for digital currencies. Some seem like commodities while others -- like ICOs and STOs -- seem much more like securities. We should probably expect different regulatory structures depending on the type of coin.

Expecting different regulations for different  coins in cryptocurrency will not be good for the crypto-community. Hopefully the regulation pave another way of adoption and acceptance.

[r1s2g3]

Interestingly, I did not find this news in coindesk as you already mentioned in OP.

But if cryto-press is not giving weightage to this news than how it affected the crypto market? I believe  this news might have no effect as majority is not aware of it.