in the United States Congress regulation of crypto assets It is a known fact that there is strong pressure for In a recent development, four members of the Senate Agriculture Committee introduced a bill to make the Commodities and Futures Trading Commission (CFTC) the primary regulatory body for cryptoassets.
The four senators behind the bill are Senator Debbie Stabenow of Michigan, Senator John Boozman of Arkansas, Senator Corey Booker of New Jersey and Senator John Thune of South Dakota. The bill is bipartisan, as Boozman and Thune are members of the republican party and Stabenow and Booker are Democrats.
Koinfinans.com As we have reported, with the submitted bill, it was requested that the Securities and Exchange Commission, namely the SEC, be removed from among the regulators. Similar proposals were presented twice this year.
New Pressure Begins for Crypto Regulation
Blockchain AssociationThe bill defines crypto exchanges as “digital commodity platforms,” according to Jake Chervinsky, head of policy. This directly contradicts the words used by SEC chairman Gary Gensler, which considers most crypto tokens to be securities. It was also recently forced to register crypto exchanges with the SEC.
Chervinsky, the bill crypto exchangesIt reveals that the CFTC wants to register with the CFTC and follow certain rules to protect consumers from risks and manipulation.
According to Peter Van Valkenburgh, head of research at CoinCenter, there is bicameral and bipartisan support for crypto regulation that clarifies crypto jurisdiction and can protect consumers from various risks.
Recent regulatory actions enforced by the SEC have received a lot of harsh criticism from crypto leaders and lawmakers alike. According to Chervinsky, secondary market regulation is a top priority in Washington, and a combination of bills presented in Congress this year could pass as soon as next year.
Blockchain Association Executive Director Kristin Smith believes there is widespread optimism about a possible crypto regulation. She identifies the bipartisan nature of bills and regulatory holes in the crypto industry as the driving factors.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.