SEC v. CFTC: U.S. Senators Introduced Act That Could Provide Clarity On Crypt...
U.S. legislators have been stepping up their efforts to provide the crypto industry with a regulatory framework. A new bipartisan bill introduced by U.S. Senators Debbie Stabenow, John Boozman, Cory Booker, and John Thune is another step in that direction. The legislators introduced the Digital Commodities Consumer Protection Act of 2022 and presented a new […]
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U.S. senators have introduced the “Digital Commodities Consumer Protection Act of 2022” to empower the Commodity Futures Trading Commission (CFTC) “with exclusive jurisdiction over the digital commodities spot market.”
Digital Commodities Consumer Protection Act
U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced Wednesday the “Digital Commodities Consumer Protection Act of 2022.”
The bipartisan bill aims to give the Commodity Futures Trading Commission (CFTC)....
Senators Cynthia Lummis and Kirsten Gillibrand will introduce the Responsible Financial Innovation Act for regulatory clarity for bitcoin and cryptocurrencies.
Senator Cynthia Lummis said that non-crypto-versed Senators will need some time to understand and digest the proposals. The major bipartisan crypto bill led by U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) will most likely be deferred to next year according to the duo. Speaking during Bloomberg’s Crypto Summit on July 19, the Senators stated that there is a slim chance that the comprehensive bill would be pushed through the Senate this year, with Lummis noting that: “I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely....
US law firm Steptoe & Johnson LLP has filed a petition with the Commodity Futures Trading Commission (CFTC), calling on the agency to provide more clarity regarding the definition of "delivery" in blockchain-based transactions. Signed by Steptoe partner Micah Green and senior policy advisor (and former CFTC commissioner) Michael Dunn, the petition centers around actions the agency took against Hong Kong-based bitcoin exchange Bitfinex in June. At the time, the company paid $75,000 amid allegations that it never properly delivered certain funds to traders. While Bitfinex was....
The comprehensive new bill sorts out regulators and addresses taxes, environmental impact, security and other major questions surrounding digital assets. The long-awaited Responsible Financial Innovation Act to create a regulatory framework for digital assets was introduced in the United States Senate on Tuesday. The official text of the 69-page document was also released. The bipartisan bill, sponsored by Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, “addresses CFTC and SEC jurisdiction, stablecoin regulation, banking, tax treatment of digital assets, and....