US Congress reportedly drafting bill to protect cryptocurrencies

The news comes at a time when Bitcoin Cash hit a new all-time high of nearly $1,000, and Bitcoin surpassed $4,000. According to the Daily Caller, “various members of Congress are looking at the compliant capabilities of AML Bitcoin,” in a move aimed at making cryptocurrencies that meet certain criteria a popular alternative to the U.S. dollar.

The initiative, the website says, is expected garner support from libertarian members of Congress, and pposition from Treasury officers who don’t want the dollar to face competition.

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The source reportedly said that at least one Republican member of Senate and two Republican congressmen are involved.

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The three lawmakers reportedly asked not to be identified due to the complexity of the proposal.

According to the source, the goal is to mainstream digital currencies that are to be treated like the U.S. dollar. There is also an entity who wants to issue a digital currency that is “compliant with anti-money laundering laws.” It stated:

“The center piece of the plan is to mainstream digital currency so it can be treated just like the American dollar. First, there is a new entity that is considering issuing a brand new digital currency that is compliant with anti-money laundering laws unlike any other in circulation.”

The bill, slated to be introduced in early September, could lead to digital currencies replacing the dollar in various transactions. The legislation would protect digital currencies against harassment from the federal government and protect transactions using currencies against taxation.