Certainty of digital asset regulation is now the key agenda of the US Congress

The US government has shown great interest in the developing world of blockchain and crypto-digital assets. Since 2019, members of the House of Congress have submitted a total of 32 bills to achieve clarity in regulating this area

Moving towards normative certainty

According to a recent Forbes report, Facebook’s plans to launch its digital currency Libra in 2019 have caused increased interest in the field of cryptocurrencies and blockchain.

Since then, members of Congress have stepped up attempts to clarify the regulation of crypt and blockchain technologies. They even discussed the possibility of introducing a Central Bank digital currency (CBDC), dubbed the digital dollar.

In an effort to keep the USA up to date with new technologies, Congressman Paul Gosar introduced the “cryptocurrency act of 2020” in March 2020, which aims to ensure the clarity and legitimacy of crypto assets in the US.

In July 2020, the office of the currency Controller (OCC) gave the green light to national banks to offer cryptocurrency storage services to customers.

A similar victory for cryptocurrency adoption occurred on July 24, when a Federal court stated that bitcoin was a form of legal currency, in accordance with the money transfer Law.