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August 03, 2022 01:42 PM

Bipartisan bill eyes granting CFTC oversight of bitcoin, ether

Brian Croce
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    The U.S. Capitol at dawn in Washington on Jan. 4, 2021
    Bloomberg

    A bipartisan bill introduced Wednesday would give the Commodity Futures Trading Commission greater oversight of cryptocurrency markets, including the two biggest cryptocurrencies — bitcoin and ether.

    The Digital Commodities Consumer Protection Act of 2022, introduced by leaders of the Senate Agriculture Committee — Chairwoman Debbie Stabenow, D-Mich., ranking member John Boozman, R-Ark., Sen. Cory Booker, D-N.J., and Sen. John Thune, R-S.D. — would require all digital commodity platforms, including trading facilities, brokers, dealers and custodians, to register with the CFTC.

    Related Article
    CFTC chairman pushes for greater crypto authority

    The bill provides the CFTC with the authority to regulate the trading of digital commodities; currently, the agency can only regulate derivatives, such as futures, options and swaps.

    "Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space," Mr. Boozman said in a news release.

    The bill also requires digital commodity platforms to prohibit abusive trading practices, eliminate or disclose conflicts of interest, maintain sufficient financial resources, have strong cybersecurity programs, protect customer assets and report suspicious transactions, according to fact sheet.

    "One in five Americans have used or traded digital assets, but these markets lack the transparency and accountability that they expect from our financial system," Ms. Stabenow said in the news release. "Too often, this puts Americans' hard-earned money at risk. That's why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe."

    Related Article
    Bipartisan Senate bill would give CFTC added cryptocurrency oversight

    Leaders at the CFTC and Securities and Exchange Commission have jockeyed for additional authority to regulate the U.S. cryptocurrency market.

    In a video posted July 28, SEC Chairman Gary Gensler said he's asked his staff to work with crypto platforms "to get them registered and regulated, to ensure those crypto tokens come in as well and register where appropriate as securities."

    The SEC does not consider bitcoin and ether to be securities, but there is less certainty regarding smaller cryptocurrencies.

    CFTC Chairman Rostin Behnam, former senior counsel to Ms. Stabenow, called on Congress to grant his agency greater crypto oversight at a July 25 Brookings Institution event.

    On Wednesday, Mr. Behnam said in a statement that he supports the Digital Commodities Consumer Protection Act. "As American investors continue to demonstrate growing interest in digital assets, there is a greater need to bring these markets within the regulatory fold," he said. "We are at a critical inflection point where new legislative authority is needed to clarify ambiguities and provide a regulatory framework to the digital commodity market that protects customers, provides market integrity and certainty, and ensures financial stability."

    A similar bipartisan bill was introduced in June by Sen. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y, that would give the CFTC additional powers in regulating the cryptocurrency market and classify more cryptocurrencies as commodities rather than securities.

    Related Articles
    Crypto clouds may part as result of directive
    Spot bitcoin ETF approval would likely require a change in SEC commissioners, expert says
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