{"id":6262,"date":"2022-08-08T20:40:00","date_gmt":"2022-08-08T20:40:00","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6262"},"modified":"2022-08-08T20:40:01","modified_gmt":"2022-08-08T20:40:01","slug":"3-bills-introduced-in-us-to-make-cftc-primary-regulator-of-crypto-spot-markets","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6262","title":{"rendered":"3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Three different bills have been introduced in the U.S. this year to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets.<\/strong><\/p>\n<h2>Lawmakers Want CFTC to Be Primary Regulator of Crypto Spot Markets<\/h2>\n<p>Three bills have been introduced in Congress so far this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator for crypto spot markets.<\/p>\n<p>Noting that there has been a longtime debate as to whether the Securities and Exchange Commission (SEC) or the CFTC should be the primary regulator of the crypto spot markets, Kristin Smith, executive director of the Blockchain Association, told CNBC Thursday:<\/p>\n<p>We now have three different bills \u2014 the one this week, the Lummis Gillibrand bill, and also the House bill, the Digital Commodity Exchange Act \u2014 that all say the CFTC is the place to go.<\/p>\n<p>The \u201cDigital Commodities Consumer Protection Act of 2022\u201d was introduced by U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) last week. \u201cOur 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,\u201d Senator Boozman commented.<\/p>\n<p>In June, U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced the \u201cResponsible Financial Innovation Act,\u201d which assigns regulatory authority over digital asset spot markets to the CFTC. The lawmakers explained: \u201cDigital assets that meet the definition of a commodity, such as bitcoin and ether, which comprise more than half of digital asset market capitalization, will be regulated by the CFTC.\u201d<\/p>\n<p>The third bill was the \u201cDigital Commodity Exchange Act of 2022,\u201d introduced in April by Reps. Ro Khanna (D-CA), Glenn \u201cGT\u201d Thompson (R-PA), Tom Emmer (R-MN), and Darren Soto (D-FL). \u201cTo foster American innovation and tech job growth, Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protections, transparency, and accountability,\u201d Rep. Khanna detailed.<\/p>\n<p>\u201cWe are very excited that we have bipartisan, bicameral members of Congress that are wanting to think about and tackle these [crypto regulatory] issues,\u201d Smith described.<\/p>\n<p>Noting that the U.S. Senate Committee on Agriculture, Nutrition, and Forestry has jurisdiction over the CFTC, and Senator Stabenow is the chairwoman of the committee while Senator Boozman is the ranking member, Smith opined:<\/p>\n<p>The fact that we have this level of senator who is thinking about this is incredibly encouraging.<\/p>\n<p>Tags in this story<\/p>\n<p>CFTC, cftc vs sec, Congress, crypto regulator, crypto spot markets, cryptocurrency regulator, primary regulator of crypto spot markets, regulator of crypto markets, SEC, Senators, us bills, us crypto bills, us cryptocurrency bills<\/p>\n<p><em><strong>Do you think the CFTC or the SEC should be the primary regulator of the crypto spot markets? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/3-bills-introduced-in-us-to-make-cftc-primary-regulator-of-crypto-spot-markets\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three different bills have been introduced in the U.S. this year to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets. Lawmakers Want CFTC to Be Primary Regulator of Crypto Spot Markets Three bills have been introduced in Congress so far this year to make the Commodity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6262"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6262\/revisions"}],"predecessor-version":[{"id":6264,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6262\/revisions\/6264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6263"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}