U.S. Goverment’s view on Cryptocurrencies

Cryptocurrencies and Other Regulatory Agencies

Generally speaking, a “cryptocurrency” “acts as money in an electronic payment system in

which transactions are validated by a decentralized network of computers rather than a third-party

intermediary, such as a bank.”4 A number of regulatory agencies have addressed aspects of

cryptocurrencies that are within their jurisdiction, or indicated that they are continuing to review

them. For exan1ple, the U.S. Commodity Futures Trading Commission (CFTC) has determined

that it can regulate cryptocurrencies as commodities. 5 The Securities and Exchange Commission

(SEC) has indicated that for certain purposes, cryptocurrencies may be regulated as securities, and

that it is continuing to review how existing securities laws and regulations apply to them. 6 The

Internal Revenue Service (IRS) has advised that for federal tax purposes, it will treat

cryptocurrencies as property. The Department of the Treasury’s Financial Crimes Enforcement

Network (FinCEN) has also pursued enforcement actions relating to cryptocurrencies. 7 The

Committee considered the approaches of these agencies as it reviewed the applicability of ethics

laws and standards within its jurisdiction to cryptocurrencies.

The above statement is from:

US House of Representatives.JPG

If the USA see cryptocurriencies as money or basically an asset, then I don’t understand why all the fuss?

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