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FTX CEO Sam Bankman-Fried praised the bill submitted to the US Congress to give the Commodity Futures Trading Commission (CFTC) the power to regulate the cryptocurrency market. 1)
FTX CEO Sam Bankman-Fried praised the bill submitted to the US Congress to give the Commodity Futures Trading Commission (CFTC) the power to regulate the cryptocurrency market.
1) I’m really excited to see @SenStabenow and @JohnBoozman introduce a strong bill to bring customer protection and federal oversight to crypto.https://t.co/AJAWjOHgDy
— SBF (@SBF_FTX) August 3, 2022
“It will provide clear federal oversight of the commodity markets of digital assets, strengthen liquidity and create barriers for unscrupulous participants in the ecosystem.”said.
Bankman-Fried noted that the bill complements previous attempts by Cynthia Lummis and Kirsten Gillibrand, as well as Ro Hannah.
The Digital Consumer Protection Act was drafted by Senators Debbie Stablenau, John Boozman, Corey Booker and John Toon. It obliges firms that offer to trade in digital assets to register with the CFTC.
According to the document, the suitability of a security for its status will be determined by the court and SEChowever, in the absence of this definition, the agent may regard the asset as a commodity.
The law will give the CFTC “exclusive jurisdiction over any account, agreement, contract or transaction relating to the trade of digital products.”
“The cryptocurrency market lacks transparency and accountability. Often this puts Americans’ hard-earned money at risk. We address regulatory loopholes and require that these markets operate with simple rules that protect customers and keep our financial system safe.”Steiblenau explained.
Crypto markets aren’t fair or transparent – they’re putting Americans’ money at risk. @JohnBoozman, @senbooker, @SenJohnTuneand i give @CFTC what they need to protect consumers, prevent fraud, and build transparency and accountability.https://t.co/d986y4Rjf1
you are. Debbie Stabenow (@SenStabenow) August 3, 2022
The initiative was supported by CFTC chairman Rostin Benham.
“We are at a critical turning point where new legislative powers are needed to resolve uncertainties and secure a regulatory framework.” said.
@CFTCbehnam today; Senate Ag #crypto invoice:
“We are at a critical turning point where new legislative power is needed to clarify uncertainties and provide a regulatory framework for the digital commodities market.” https://t.co/9WrdsPeUsE
— Cody Carbone (@CodyCarboneDC) August 3, 2022
Steablenau and Buzman expect the Digital Consumer Protection Act to be passed in 2022.
Recall that in July, SEC chairman Gary Gensler announced that ways to register digital assets as securities are being developed.
In May, the official said that most cryptocurrencies fall under his department’s jurisdiction.
Earlier, the CFTC announced the establishment of the Technology Innovation Office, which will regulate the industry.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
