According to five sources with knowledge of the matter, the U.S. Senate Agriculture Committee, cryptocurrency It is preparing to discuss a bill that will drastically change regulations for its stock exchanges.
The bill in question is the Digital Commodities Consumer Protection Act, which, if passed and enacted, will establish a mandatory system for cryptocurrency exchanges to report to the Commodity Futures Trading Commission (CFTC).
Committee chair Debbie Stabenow and senior member John Boozman presented the bill in early August.
Sources Point to September 15 Date For Cryptocurrency Law Hearing
The committee is currently scheduling the hearing for mid-September, with three sources citing the 15th as a possible date. The witness list remains unclear, as it usually is, up until the days before the trial.
A representative of Stabenow said in an email that he could not confirm the hearing “yet”.
With November’s midterm elections approaching, the chances of the bill becoming law in the current congressional session are slim.
The hearing, however, signals optimism that the bill, or at least its key provisions, will survive the next Congress, which begins in January.
Currently operating in the USA bitcoin and cryptocurrency exchanges do not report to a federal trade regulator, instead relying on a combination of state money transmitter licensing regimes and making specific statements to federal anti-money laundering authorities.
In particular, as the Securities and Exchange Commission (SEC), under Gary Gensler, has suggested that crypto exchanges are in fact unregistered securities exchanges, the crypto industry has become closer to the CFTC and has begun to push for a licensing and regulation regime with the lower-level regulator.
*Not investment advice.
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