Bitcoin News and Finance
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets Skip to main content

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

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

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

Noting that there has been a longtime debate as to whether the Securities and Exchange Commission (SEC) or the CFTC should be the primary regulator of the crypto spot markets, Kristin Smith, executive director of the Blockchain Association, told CNBC Thursday:

We now have three different bills — the one this week, the Lummis Gillibrand bill, and also the House bill, the Digital Commodity Exchange Act — that all say the CFTC is the place 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) last week. “Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital 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 authority over digital asset spot markets to the CFTC. The lawmakers explained: “Digital assets that meet the definition of a commodity, such as bitcoin and ether, which comprise more than half of digital asset market capitalization, will be regulated by the CFTC.”

The third bill 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 innovation and tech job growth, Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protections, transparency, and accountability,” Rep. Khanna detailed.

“We are very excited that we have bipartisan, bicameral members of Congress that are wanting to think about and tackle these [crypto regulatory] issues,” Smith described.

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 opined:

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

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory