Three various bills have actually been introduced in the U.S. this year to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets.
Lawmakers Want CFTC to Be Primary Regulator of Crypto Spot Markets
Three bills have actually been introduced in Congress up until now this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator for crypto spot markets.
Noting that there has actually been a long time dispute as to whether the Securities and Exchange Commission (SEC) or the CFTC ought to be the primary regulator of the crypto spot markets, Kristin Smith, executive director of the Blockchain Association, informed CNBC Thursday:
We now have 3 various bills — the one today, the Lummis Gillibrand expense, and also the House expense, the Digital Commodity Exchange Act — that all state the CFTC is the location to go.
The “Digital Commodities Consumer Protection Act of 2022” was introduced by U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) recently. “Our expense will empower the CFTC with unique jurisdiction over the digital products spot market, which will lead to more safeguards for customers, market stability and development in the digital products area,” Senator Boozman commented.
In June, U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced the “Responsible Financial Innovation Act,” which appoints regulative authority over digital property spot markets to the CFTC. The legislators discussed: “Digital properties that satisfy the meaning of a product, such as bitcoin and ether, which consist of over half of digital property market capitalization, will be controlled by the CFTC.”
The 3rd expense was the “Digital Commodity Exchange Act of 2022,” introduced in April by Reps. Ro Khanna (D-CA), Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN), and Darren Soto (D-FL). “To foster American development and tech task development, Congress should develop a clear procedure for producing and trading digital products that focuses on customer defenses, openness, and responsibility,” Rep. Khanna detailed.
“We are extremely thrilled that we have bipartisan, bicameral members of Congress that are desiring to think of and take on these [crypto regulatory] concerns,” Smith explained.
Noting that the U.S. Senate Committee on Agriculture, Nutrition, and Forestry has jurisdiction over the CFTC, and Senator Stabenow is the chairwoman of the committee while Senator Boozman is the ranking member, Smith suggested:
The reality that we have this level of senator who is thinking of this is extremely motivating.
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