US Senate Bill To Transfer Oversight Of BTC And ETH To The Commodity Futures Trading Commission

US Senate Bill To Transfer Oversight Of BTC And ETH To The Commodity Futures Trading Commission

US Senate Bill To Transfer Oversight Of BTC And ETH To The Commodity Futures Trading Commission

  • Cryptocurrency ‘exclusive oversight’ bill introduced in US Senate
  • The document contains definitions for new categories of goods, including BTC and ETH
  • The right to oversee digital assets wants to give the CFTC agency

US federal agencies launched a real fight for the right to regulate the cryptocurrency market. The Senate has introduced a bill that would bring digital assets under the Commodity Futures Trading Commission (CFTC) oversight.

The document contains a list of new categories of goods, including Bitcoin and Ethereum, which are proposed to be transferred under the wing of a state body. The Senate Agriculture Committee drafted the Digital Consumer Protection Act. Moreover, the document’s text prudently removed financial instruments considered securities.

If the said regulation plan is passed, the authorities will oblige sellers of digital goods to register with the CFTC. This will affect the following market representatives:

  • brokers;
  • custodians;
  • shopping facilities;
  • dealers.

The agency will resort to penalties if the company does not do this. It is worth noting that a similar document called the “Digital Commodity Exchanges Act” of 2020 made registration for exchanges optional.

“Without proper oversight, market participants will lack the regulatory certainty needed for innovation and growth” ,” the Senate bill said.

It is no secret that federal agencies are actively fighting to establish control over digital currency. The SEC (Securities Commission) has the right to “execute or pardon.” However, this body has recently been regularly criticized for its decisions.

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