Members of the 116th U.S. Congress this year submitted a total of 32 bills on cryptocurrency and blockchain technology.They cover a wide range of concerns, possible use cases and new approaches for regulating, integrating and restricting the use of the new technology, depending on the actors, their activities and goals. Citing data from the Value Technology Foundation, a non-profit think tank focused on blockchain, Forbes reports that U.S. lawmakers have introduced 12 laws that explicitly target the use of cryptocurrencies in criminal activities such as money laundering, terrorism, and human trafficking contain.
Own currency created
One of the proposed laws targets the economic activity of countries like Venezuela that have created their own cryptocurrency to circumvent economic sanctions. Three bills are designed to help banks and regulators identify criminal activity involving the use of digital currencies. Legislators also submitted 13 bills regulating and treating digital assets and blockchains. Concerns about Facebook’s Libra project, which was planning to introduce a new global currency before it was geared towards the new goal earlier this month of introducing several different stablecoins pegged to local currencies, led to a flood of regulatory proposals. The Managed Stablecoins are Securities Act of 2019 is an attempt to classify Libra and other stablecoins as securities regulated by the Securities and Exchange Commission.