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US Senators Submit Bill Giving CFTC Exclusive Jurisdiction Over Digital Commodity Spot Market – Regulation Bitcoin News

US Senators introduced the Digital Commodities Consumer Protection Act of 2022, empowering the Commodity Futures Trading Commission (CFTC) to “give exclusive jurisdiction over digital commodity spot markets.”

Digital Goods Consumer Protection Act

U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) said on Wednesday, “Digital Goods Consumption in 2022 Introduced the Protection Law for Persons with Disabilities.

The bipartisan bill aims to give the Commodity Futures Trading Commission (CFTC) “new tools and powers to regulate digital commodities,” said the U.S. Senate Agriculture, Nutrition and Forestry Committee. according to.

Senator Stavenau commented:

One in five Americans has used or traded digital assets, yet these markets lack the transparency and accountability expected of the financial system. All too often, this puts Americans’ hard-earned money at risk.

“That is why we are closing regulatory gaps and demanding that these markets operate under simple rules that protect customers and keep the financial system safe,” she added.

A summary of the bill published by the commission states that the bill “closes regulatory gaps by requiring all digital commodity platforms, including trading venues, brokers, dealers and custodians, to register with the CFTC.” increase. It also “allows the CFTC to impose user fees on digital commodity platforms to provide adequate funding for digital commodity market surveillance.” We recognize that we have a role to play in regulating digital assets that do not exist but function like securities and forms of payment.”

Senator Boozman said:

Our bill gives the CFTC exclusive jurisdiction over the digital goods spot market, leading to consumer protection, market integrity and innovation in the digital goods space.

“This law will allow the CFTC to gain the market visibility it needs to respond to emerging risks and protect consumers, while providing regulatory certainty to digital commodity platforms. Senator Thune revealed.

What are your thoughts on the Digital Goods Consumer Protection Act? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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US Senators Submit Bill Giving CFTC Exclusive Jurisdiction Over Digital Commodity Spot Market – Regulation Bitcoin News

Source link US Senators Submit Bill Giving CFTC Exclusive Jurisdiction Over Digital Commodity Spot Market – Regulation Bitcoin News

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