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Senate Bill Would Give CFTC ‘Exclusive Oversight’ of Bitcoin and Ethereum

The legislation also mandates brokers, custodians, dealers, and trading facilities that deal in digital commodities register with the CFTC or face penalties.
A similar bill introduced in the House of Representatives, the Digital Commodity Exchange Act of 2020, made registering optional for exchanges.
“These rules hold digital commodity platforms to the same standards as traditional financial institutions,” the Senate committee said in a statement.
The bill also permits digital commodity platforms—brokers, custodians, dealers, and trading facilities—to register with the Securities and Exchange Commission.
One feature of the bill is authorizing the CFTC to impose user fees on digital commodity platforms, which would fund oversight measures.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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