3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets
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....
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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated that most crypto tokens are securities, emphasizing that “the law is clear on this.” However, the Commodity Futures Trading Commission (CFTC) has asked Congress for authority over crypto spot markets and several bills have been introduced in Congress this year to provide the CFTC with the necessary authority. SEC Chairman Gary Gensler on Crypto Regulation The issue of which federal agency should regulate the crypto market has gained much attention recently. While the chairman of....
Congressman Conaway sheds some light on new legislation in conversation with Cointelegraph. Two bills introduced last week looked to solidify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission — respectively the regulators for securities and commodities in the United States. The bills featured many of the usual suspects in legislation touching on crypto but one less familiar face was U.S. Representative Mike Conaway (R-TX). Currently serving as the ranking member of the House Agriculture Committee, Conaway has been in Congress since 2005,....
Former FDIC regulator, Jason Brett, argues that U.S. lawmakers have pivoted away from private stablecoins to focus on regulating decentralized digital assets this year. The United States Congress appears to be pushing for greater regulatory clarity regarding crypto assets, having proposed18 bills concerning blockchain and cryptocurrency during 2021 so far.According to analysis published by former Federal Deposit Insurance Corporation regulator, Jason Brett, on August 22, the current 117th Congress has broken from its predecessor in focusing on regulating decentralized assets rather than....
The Digital Commodity Exchange Act would give the commodities regulator the authority to determine rules for cryptocurrency developers and exchanges offering spot trading. A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).The Digital Commodity Exchange Act of 2022 (DCEA) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support....
The CFTC is looking to make an unregistered foreign platform pay back U.S. investors in its crypto futures, suggesting expanding jurisdictions. On Monday, the Commodity Futures Trading Commission filed charges against Laino Group for soliciting U.S. investors to trade in futures on commodities including Ether, Litecoin and Bitcoin without registering with the commission.Per the CFTC's complaint the St. Vincent-registered Laino Group, doing business as PaxForex, used a network of U.S.-based affiliates to solicit American retail investors. In doing so, Laino Group violated the Commodity....