US congressman Paul Gosar (R-AZ) has reportedly announced the arrival of a new bill, “Crypto-Currency Act of 2020”, which aims to determine which regulators to take charge of which crypto assets.

Specifically, according to Will Stechschulte – regulatory assistant to Gosar – the bill was introduced in an attempt to make the status of digital assets across the US more defined, clear and legitimate. 

The proposed bill looks to grant 3 primary categories to crypto assets – crypto-commodity, crypto-currency and crypto-security. Consequently, these 3 categories would be under the supervising power of the Commodity Futures Trading Commission (CFTC), the Secretary of the Treasury via the Financial Crimes Enforcement Network (FinCEN), and the US SEC.

Noticeably, the new law would further reinforce the current definition of Bitcoin (BTC), as crypto-commodities, instead of crypto-currencies. “crypto-currencies” is widely acknowledged as “representations of United States currency or synthetic derivatives”, which resembles the features of stablecoins such as Tether (USDT). 

As for crypto-securities, it reads “all debt, equity, and derivative instruments that rest on a blockchain or decentralized cryptographic ledger.” 

The bill has no specific remarks regarding non-fungible tokens. 

The bill has had its previous version revealed in December last year, which has stretched its definition to cover “Decentralized cryptographic ledger” and “Smart contract” – terms are giving US regulator a headache to handle. 

The bill reportedly seems to have a clear motive of identifying “primary”, instead of “sole” regulatory responsibility.