US Senators Introduce Bill to Give CFTC Exclusive Jurisdiction Over Digital Commodities Spot Market

U.S. senators person introduced the “Digital Commodities Consumer Protection Act of 2022” to empower the Commodity Futures Trading Commission (CFTC) “with exclusive jurisdiction implicit the integer commodities spot market.”

Digital Commodities Consumer Protection Act

U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced Wednesday the “Digital Commodities Consumer Protection Act of 2022.”

The bipartisan measure aims to springiness the Commodity Futures Trading Commission (CFTC) “new tools and authorities to modulate integer commodities,” according to the announcement of the measure by the U.S. Senate Committee connected Agriculture, Nutrition, and Forestry.

Senator Stabenow commented:

One successful 5 Americans person utilized oregon traded integer assets — but these markets deficiency the transparency and accountability that they expect from our fiscal system. Too often, this puts Americans’ hard-earned wealth astatine risk.

“That’s wherefore we are closing regulatory gaps and requiring that these markets run nether straightforward rules that support customers and support our fiscal strategy safe,” she added.

The overview of the authorities published by the committee states that the measure “closes regulatory gaps by requiring each integer commodity platforms — including trading facilities, brokers, dealers, and custodians — to registry with the CFTC.” It besides “authorizes the CFTC to enforce idiosyncratic fees connected integer commodity platforms to afloat money its oversight of the integer commodity market.” In addition, the measure “recognizes that different fiscal agencies person a relation successful regulating integer assets that are not commodities, but relation much similar securities oregon forms of payment.”

Senator Boozman noted:

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.

“This authorities would supply the CFTC with the indispensable visibility into the marketplace to respond to emerging risks and support consumers, portion besides providing regulatory certainty to integer commodity platforms,” Senator Thune clarified.

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