3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets

Three antithetic bills person been introduced successful the U.S. this twelvemonth to empower the Commodity Futures Trading Commission (CFTC) to beryllium the superior regulator of the crypto spot markets.

Lawmakers Want CFTC to Be Primary Regulator of Crypto Spot Markets

Three bills person been introduced successful Congress truthful acold this twelvemonth to marque the Commodity Futures Trading Commission (CFTC) the superior regulator for crypto spot markets.

Noting that determination has been a longtime statement arsenic to whether the Securities and Exchange Commission (SEC) oregon the CFTC should beryllium the superior regulator of the crypto spot markets, Kristin Smith, enforcement manager of the Blockchain Association, told CNBC Thursday:

We present person 3 antithetic bills — the 1 this week, the Lummis Gillibrand bill, and besides the House bill, the Digital Commodity Exchange Act — that each accidental the CFTC is the spot 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) past week. “Our measure volition empower the CFTC with exclusive jurisdiction implicit the integer commodities spot market, which volition pb to much safeguards for consumers, marketplace integrity and innovation successful the integer commodities space,” Senator Boozman commented.

In June, U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced the “Responsible Financial Innovation Act,” which assigns regulatory authorization implicit integer plus spot markets to the CFTC. The lawmakers explained: “Digital assets that conscionable the explanation of a commodity, specified arsenic bitcoin and ether, which comprise much than fractional of integer plus marketplace capitalization, volition beryllium regulated by the CFTC.”

The 3rd measure was the “Digital Commodity Exchange Act of 2022,” introduced successful April by Reps. Ro Khanna (D-CA), Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN), and Darren Soto (D-FL). “To foster American innovation and tech occupation growth, Congress indispensable found a wide process for creating and trading integer commodities that prioritizes user protections, transparency, and accountability,” Rep. Khanna detailed.

“We are precise excited that we person bipartisan, bicameral members of Congress that are wanting to deliberation astir and tackle these [crypto regulatory] issues,” Smith described.

Noting that the U.S. Senate Committee connected Agriculture, Nutrition, and Forestry has jurisdiction implicit the CFTC, and Senator Stabenow is the chairwoman of the committee portion Senator Boozman is the ranking member, Smith opined:

The information that we person this level of legislator who is reasoning astir this is incredibly encouraging.

Do you deliberation the CFTC oregon the SEC should beryllium the superior regulator of the crypto spot markets? Let america cognize successful the comments conception below.