Three bills have been introduced in the United States this year to empower the Commodity Futures Trading Commission (CFTC) as the primary regulator of crypto spot markets.
Lawmakers want the CFTC to be the primary regulator of the crypto spot market
Three bills have been introduced in Congress this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator of the crypto spot market.
Noting the long-running debate over whether the Securities and Exchange Commission (SEC) or the CFTC should be the primary regulator of the crypto spot market, Christine Smith, executive director of the Blockchain Association, said on CNBC on Thursday.
We now have three different bills – this week’s, the Lummis Gillibrand bill, and also the House bill, the Digital Commodity Exchange Act – all of which are where the CFTC should go, she said.
The Digital Commodities Consumer Protection Act of 2022 was introduced last week by U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ) and John Thune (R-SD). Senator Boozman commented, “Our bill would give the CFTC exclusive jurisdiction over the digital goods spot market, which would enhance consumer protection, market integrity, and innovation in the digital goods sector.”
In June, U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced theResponsible Financial Innovation ActThe “Responsible Financial Innovation Act” was filed. It would delegate regulatory authority over the spot market for digital assets to the CFTC. The lawmakers explained that ” The CFTC would regulate digital assets that meet the definition of a commodity, such as bitcoin and ether, which account for more than half of all digital asset market capitalization.”
The third bill, the “” Digital Commodity Exchange Act of 2022was introduced in April by Rep. Ro Khanna (D-CA), Rep. Glenn “GT” Thompson (R-PA), Rep. Tom Emmer (R-MN), and Rep. Darren Soto (D-FL); the third bill is The “Digital Commodity Exchange Act of 2022.” Rep. Khanna elaborated, “In order to spur innovation and the growth of the technology profession in the United States, Congress must establish a clear process for the creation and trading of digital commodities that prioritizes consumer protection, transparency, and accountability.”
“We are very excited to have bipartisan, bicameral members of Congress who want to think about and address these [crypto regulation] issues,” Smith explained.
Noting that the U.S. Senate Committee on Agriculture, Nutrition and Forestry has jurisdiction over the CFTC, with Senator Stabenow as chairman and Senator Boozman as ranking member, Smith offered the following observations.
It is very encouraging to know that there are legislators who think this way.
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