A group member of the U.S. House of Representatives has presented a draft “Digital Mercantile Exchange Act of 2022 (DCEA)” that provides for direct oversight of certain crypto transactions and bitcoin exchanges under its auspices. CFTC.

today, @HouseAgGOP Leader @CongressmanGT joined by @RepRoKhanna, @RepTomEmmer& @RepDarrenSoto in the introduction of the bilateral Digital Mercantile Exchange Act, or #DCEA – a framework for regulatory certainty in digital commodity markets.

Full version 👇https://t.co/CzfbMyJoBl pic.twitter.com/MBZep9ZysE

— House Ag GOP (@HouseAgGOP) April 28, 2022

The document is presented by Republicans Glenn Thompson and Tom Emmer, as well as Democrats Ro Hannah and Darren Sota.

The law introduces the term “digital goods”. The regulation of issuers of such assets and their trading is delegated to the jurisdiction of the CFTC. SEC will continue to audit tokens with security features.

“Digital property” is any interchangeable intangible personal property that is exclusively owned and transferable from person to person without the need for an intermediary.”explained in the document.

The definition does not refer to stocks, debt instruments, and securities in general to avoid overlapping with the SEC’s scope.

Digital products can only be traded on an exchange registered with the CFTC. The platform must comply with certain requirements, including holding and protecting assets with qualified guardians, as well as preventing mixing of client and company funds.

DCEA was introduced in 2020 by Republican Michael Conaway. In November 2021, a congressional panel led by Thompson introduced an updated updated version of the bill.

“Clearing gaps in the spot market is an important piece of the regulatory puzzle” Thompson explained.

Recall that in October, Rostin Benham, who was running for the presidency of the CFTC at the time, proposed at a hearing in Congress to give the agency the status of the main federal regulator in the cryptocurrency market.

On March 9, US President Joe Biden signed an executive order to coordinate federal agencies in regulating digital assets.

At the end of March, Senators Cynthia Lummis and Kirsten Gillibrand unveiled details of a bill designed to clarify the regulation of cryptocurrencies. The document clarifies, among other things, the definition of a broker in terms of infrastructure and provides for the creation of a specialized supervisory body.

Earlier, the head of Coinbase predicted the division of control over the crypto industry between departments.