3 Bills Introduced in the US to Make the CFTC the Primary Regulator of Crypto Markets Bitcoin Regulation News

Three different bills have been introduced in the United States this year to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets.

Lawmakers want the CFTC to be the primary regulator of crypto markets

Three bills have been introduced in Congress so far this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator of the crypto cash markets.

Noting that there has been a long-running debate over whether the Securities and Exchange Commission (SEC) or the CFTC should be the primary regulator of crypto cash markets, Blockchain Chief Executive Kristin Smith Association, told CNBC on Thursday:

We now have three different bills – this week’s bill, the Lummis Gillibrand bill, as well as the House bill, the Digital Commodity Exchange Act – all of which say the CFTC is the place to go.

The “Digital Commodities Consumer Protection Act of 2022” was introduced by US Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ) and John Thune (R-SD) the week last. “Our bill will give the CFTC exclusive jurisdiction over the spot market for digital products, leading to more safeguards for consumers, market integrity and innovation in the digital product space. “, commented Senator Boozman.

In June, U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced the “Responsible Financial Innovation Act,” which grants the CFTC regulatory authority over digital asset spot markets. The lawmakers explained, “Digital assets that meet the definition of a commodity, such as bitcoin and ether, which account for more than half of the market capitalization of digital assets, will be regulated by the CFTC.”

The third bill was the “Digital Commodity Exchange Act of 2022,” introduced in April by Representatives Ro Khanna (D-CA), Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN) and Darren Soto. (D-FL). “To foster American innovation and tech job growth, Congress must establish a clear process for the creation and commerce of digital products that prioritizes consumer protection, transparency, and accountability.” , detailed the representative Khanna.

“We are very happy to have bipartisan and bicameral members of Congress who want to reflect on and tackle these [crypto regulatory] problems,” Smith described.

Noting that the US Senate Committee on Agriculture, Nutrition, and Forestry has jurisdiction over the CFTC, and that Senator Stabenow is the chair of the committee while Senator Boozman is the senior member, Smith said:

The fact that we have this level of senators thinking about this is incredibly encouraging.

Keywords in this story

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Do you think the CFTC or the SEC should be the primary regulator of the crypto spot markets? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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