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New U.S. Bill Gives Crypto Oversight to the CFTC

Forkast | Lachlan Keller | Aug 3, 2022

Crypto regs - New U.S. Bill Gives Crypto Oversight to the CFTCThe U.S. bill to bring cryptocurrencies under the oversight of the Commodities Futures and Trading Commission is likely to hasten legislation of such digital assets around the world.

U.S. regulators have unveiled a new bill that would define Bitcoin and Ether as digital commodities, placing them squarely under the jurisdiction of the Commodities and Futures Trading Commission (CFTC) alongside other commodities such as corn and aluminum.

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Senate Agriculture Committee Chairwoman Debbie Stabenow and the committee’s top-ranking Republican John Boozman released the plan on Wednesday as lawmakers around the world race to regulate crypto in the fallout from the collapse of Terra-LUNA.

  • If implemented in the current form, the bill would cement the CFTC’s oversight of the industry and put to rest any jostling by US regulatory agencies, including the Securities and Exchange Commission (SEC) to police the emerging industry.
  • This is the second major piece of U.S. legislation to be proposed in recent months. A bipartisan bill about stablecoins was announced in June and due to undergo a vote in July, but the vote has been delayed by several weeks.  The stablecoin bill would also classify many cryptocurrencies as commodities and also provide guidance on regulating stablecoins.

International approaches

  • European lawmakers are taking a more hardline approach to crypto regulation than their U.S. counterparts, legislating in late June to trace the transfer of crypto assets to address money laundering and terrorist financing. The European Union also voted down a bill in March widely described as an anti-Bitcoin mining bill.

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  • But some parts of Asia are ahead of the U.S. in regulation.
    • Singapore has a framework defining digital payment tokens as regulated products separate from other regulated tokens such as securities.
    • Hong Kong has an upcoming mandatory licensing framework for virtual asset exchanges, which are also classified as separate to securities.

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