On August 3, four Senators from the Agriculture Committee introduced legislation to establish a regulatory regime for cryptocurrencies.
The Digital Commodities Consumer Protection Act of 2022 would establish a legal definition for digital commodities and place their trading under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
In addition to granting the CFTC new powers, the senators’ bill would direct the CFTC to undertake a number of new studies relating to cryptocurrencies.
According to an overview of the bill, the senators’ plan would have the CFTC impose a series of new oversight measures.
Per the bill, digital commodity platforms, including custodians, dealers, and trading facilities would have to register with the CFTC.
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