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

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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.

Tags in this story
CFTC, cftc vs sec, Con­gress, cryp­to reg­u­la­tor, cryp­to spot mar­kets, cryp­tocur­ren­cy reg­u­la­tor, pri­ma­ry reg­u­la­tor of cryp­to spot mar­kets, reg­u­la­tor of cryp­to mar­kets, SEC, Sen­a­tors, us bills, us cryp­to bills, us cryp­tocur­ren­cy bills

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 

A stu­dent of Aus­tri­an Eco­nom­ics, Kevin found Bit­coin in 2011 and has been an evan­ge­list ever since. His inter­ests lie in Bit­coin secu­ri­ty, open-source sys­tems, net­work effects and the inter­sec­tion between eco­nom­ics and cryptography.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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