{"id":439130,"date":"2022-04-29T05:34:31","date_gmt":"2022-04-29T02:34:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bipartisan-bill-to-give-cftc-authority-over-exchanges-and-stablecoins\/"},"modified":"2022-04-29T05:34:31","modified_gmt":"2022-04-29T02:34:31","slug":"bipartisan-bill-to-give-cftc-authority-over-exchanges-and-stablecoins","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bipartisan-bill-to-give-cftc-authority-over-exchanges-and-stablecoins\/","title":{"rendered":"# Bipartisan bill to give CFTC authority over exchanges and stablecoins"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30a6bf969a8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30a6bf969a8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bipartisan-bill-to-give-cftc-authority-over-exchanges-and-stablecoins\/#%E2%80%9D_Bipartisan_bill_to_give_CFTC_authority_over_exchanges_and_stablecoins_%E2%80%9C\" >&#8221; Bipartisan bill to give CFTC authority over exchanges and stablecoins &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bipartisan_bill_to_give_CFTC_authority_over_exchanges_and_stablecoins_%E2%80%9C\"><\/span>&#8221; Bipartisan bill to give CFTC authority over exchanges and stablecoins &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNTI1NjIzNjktODgzYi00NjkwLTkwODUtYTNkM2Q0N2YxNWFjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).<\/p>\n<p>The Digital Commodity Exchange Act of 2022 (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/republicans-agriculture.house.gov\/uploadedfiles\/digital_commodity_exchange_act_of_2022.pdf\">DCEA<\/a>) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support from Democrat co-sponsors Darren Soto and Ro Khanna.<\/p>\n<p>The updated version includes a section covering stablecoin providers, who can register as a \u201cfixed-value digital commodity operator.\u201d These operators would be obligated to share how the stablecoin operates, retaining records for the regulator along with providing information on the assets backing the \u201cfixed-value digital commodity\u201d and how they\u2019re secured.<\/p>\n<p>As per the last bill, the DCEA would authorize the CFTC to register and regulate cryptocurrency exchanges that offer spot trading of crypto commodities \u2014 those that allow traders to buy cryptocurrencies at the current price.<\/p>\n<p>The DCEA would not affect the Securities and Exchange Commission\u2019s (SEC) regulatory power over digital asset securities offerings, but instead classify cryptocurrencies that are not securities as digital commodities to be brought under regulation by the CFTC.<\/p>\n<p>Crypto exchanges would also be subject to the same rules as other commodity providers for listing new cryptocurrencies on their platforms. Exchanges must demonstrate the crypto is \u201cnot readily susceptible to manipulation\u201d through analyzing its mechanics such as its \u201cpurpose, functionality, governance structure, distribution, and participation.\u201d<\/p>\n<p>Developers of cryptocurrencies could also voluntarily register with the CFTC and make disclosures required for public trading and listing on an exchange. A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/republicans-agriculture.house.gov\/uploadedfiles\/04.28.2022_dceasummary_final.pdf\">summary<\/a> of the act says registration would ensure accuracy of records and public information about the crypto is standardized and could help facilitate public exchange listings.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Self-regulatory organizations growing alongside new US crypto regulation<\/em><\/strong><\/p>\n<p>Regulatory uncertainty has afflicted cryptocurrency businesses operating in the U.S.,and in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/republicans-agriculture.house.gov\/news\/documentsingle.aspx?DocumentID=7284\">release<\/a> the co-sponsors of the bill said it would help with easing the prevailing uncertainty of the current rules, with Soto saying:<\/p>\n<blockquote><p>&#8220;Regulatory clarity is critical for digital commodity markets to promote innovation and consumer protection. Innovators are spending up to fifty percent of start-up costs on legal fees because of the current regulatory ambiguity between what is a security and what is a commodity.\u201d<\/p><\/blockquote>\n<p>Industry advocacy body the Crypto Council for Innovation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/crypto_council\/status\/1519786429706121220\">called<\/a> the bill \u201ca step forward\u201d as it creates a \u201cnew atmosphere of opportunity without stifling innovation\u201d adding:<\/p>\n<blockquote><p>\u201cThis is one of a few bills introduced that the industry should watch closely.\u201d<\/p><\/blockquote>\n<p>In February, CFTC chair Rostin Behnam told lawmakers during a Senate hearing on digital assets that the Commission had a lack of authority to enforce the crypto space due to differing regulations.<\/p>\n<p>Behnam called the crypto space \u201cin essence\u2026an unregulated market\u201d and said more regulatory authority for the CFTC \u201cwill only allow us to see what\u2019s going on underneath the hood.\u201d<\/p>\n<p>The bill will need to move forward to a hearing by the Agriculture Committee, if passed by the House, it will be then taken up by the Senate Agriculture Committee for discussion.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bipartisan-bill-to-give-cftc-authority-over-exchanges-and-stablecoins\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bipartisan bill to give CFTC authority over exchanges and stablecoins &#8220; A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC). The Digital Commodity Exchange Act&#8230;<\/p>\n","protected":false},"author":1,"featured_media":439131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNTI1NjIzNjktODgzYi00NjkwLTkwODUtYTNkM2Q0N2YxNWFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,74860,75493,75269,70301,52214,70934,2199],"class_list":["post-439130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-cryptocurrency-exchange","tag-stablecoin","tag-us-government","tag-bills","tag-congress","tag-regulation","tag-washington"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=439130"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/439130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/439131"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=439130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=439130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=439130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}