Stabenow, Boozman lead bill to strengthen cryptocurrency regulation – Lopoid Crypto News

Stabenow, Boozman lead bill to strengthen cryptocurrency regulation – Lopoid Crypto News #Stabenow #Boozman #lead #bill #strengthen #cryptocurrency #regulation #Lopoid Crypto News Welcome to Lopoid

Senate Agriculture Committee leaders say they’ve an answer to the necessity for extra oversight within the cryptocurrency area.

Committee Chair Debbie Stabenow, D-Mich., and Arkansas Republican John Boozman, the panel’s rating member, launched laws Wednesday to enhance the function of the Commodity Futures Trading Commission over digital commodities like Bitcoin or Ether. Their bill — the Digital Commodities Consumer Protection Act — would amend the definition of “commodity” to enable the cryptocurrencies to fall underneath CFTC’s jurisdiction, a nomenclature Stabenow stated has already been adopted by the courts and the Securities and Exchange Commission.

“We’re just saying that when something is defined and meets the test as a commodity, the folks that regulate commodities should be regulating digital commodities,” Stabenow instructed reporters Wednesday.

The CFTC at the moment regulates American derivatives markets, together with swaps, choices and futures. If handed, the laws would add cryptocurrency to that blend, which might introduce a brand new regulatory framework for digital property.

The bill additionally yields to the SEC on securities points, one thing Boozman stated was an “appropriate balance.”

Aside from shifting the digital currencies underneath the CFTC umbrella, the bill additionally would require actions to prohibit abusive buying and selling practices and permit CFTC to impose consumer charges on digital commodity platforms. The laws additionally requires a report “to examine the racial, ethnic, and gender demographics of customers participating in digital commodity markets” and the way these demographics will influence CFTC’s rulemaking.

With the variety of legislative days rapidly diminishing, prospects for the ground consideration of latest laws may very well be restricted. But each Stabenow and Boozman stated this was precedence laws for the ag committee.

“This is not a marker bill, this is something we want to get done. I think it’s something we have a good chance of getting done,” he stated. “It’s very simple, and with it just going through one committee … it makes it a lot easier than going through three or four committees with jurisdiction in terms of actually getting it passed.”

Stabenow added “it’s not the only piece of the puzzle, but it’s an important one and it’s one we’re responsible for.” She “fully expects” the committee to maintain a listening to on the laws, and “it’s very realistic we could do that in September.”

Sens. John Thune, R-S.D., and Cory Booker, D-N.J., are additionally authentic co-sponsors of the laws.

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