The Cryptocurrency Act of 2020 Is ‘Dead on Arrival,’ Washington Tells Sponsors

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Adjunct Professor Donna Redel ’95 was quoted in an article for Coindesk on the Cryptocurrency Act of 2020 and bitcoin regulations.

An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar (R-Ariz.). It is thought to have little chance of passage at present but, according to lawyers and backers in the industry, it does provide insight into what a top-to-bottom new law governing crypto could look like one day.

“The CFTC indicated early on that virtual currencies, such as bitcoin are commodities under the Commodity Exchange Act. However, that does not mean they regulate the day-to-day activity of spot exchanges,” said Donna Redel, board member of New York Angels and a professor at Fordham Law and Fordham Gabelli School, said. “Do they have the capacity to review that? The regulators themselves would have to see what’s feasible here.”

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