• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Crypto CBDC Bitcoin BTC BTCUSD FDIC
Nexo

SEC v. CFTC: U.S. Senators Introduced Act That Could Provide Clarity On Crypto Regulation

Reynaldo Marquez by Reynaldo Marquez
1 week ago
in Crypto News
0
Advertisement

U.S. legislators have been stepping up their efforts to provide the crypto industry with a regulatory framework. A new bipartisan bill introduced by U.S. Senators Debbie Stabenow, John Boozman, Cory Booker, and John Thune is another step in that direction.

Related Reading: Robinhood Brings The Axe Down On 780 Employees As Shares Plunge 50%

The legislators introduced the Digital Commodities Consumer Protection Act of 2022 and presented a new regulatory term: digital commodities. These assets will be under the jurisdiction of the U.S. Commodities Futures Trading Commission (CFTC).

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This regulator will have the “authority to regulate the trading of digital commodities”, introduce rules for market participants, and enforce them. The bill proposes that “digital commodity platforms” will need to comply with the “same standards as traditional financial institutions”.

Cryptocurrencies have often been dismissed by legislators, and regulators, and classified as illegitimate assets. This new bill seems to acknowledge the role of digital assets and suggests that they should be regulated as other assets in the legacy financial system.

Senator Stabenow said the following about the potential implications for this act and why they felt compelled to reduce the regulatory “gaps” in the country:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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. 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.

In the crypto industry, companies have been asking for regulatory clarity and a legal framework to operate under U.S. rules. The CFTC seems more inclined to have a conversation with companies in the sector as opposed to the Securities and Exchange Commission (SEC).

The Gary Gensler-led regulator has been exercising a mandate by “enforcement” as actors believe that their practices are inconsistent with their speech. The SEC has invited crypto companies to report and participate in a dialogue, but these efforts have been met with legal actions.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

SEC Commissioner Hester Peirce believes the regulator has decided to shift its approach from “careful and considered” in favor of “effecting hasty and sweeping change”. This often leads companies in the digital asset sector to try to catch up with the SEC.

Bitcoin BTC BTCUSDT Crypto
BTC’s price with minor profits on the 4-hour chart. Source: BTCUSDT Tradingview

Why The Crypto Industry Needs Federal Regulations

The Senators believe U.S. crypto investors need a federal regulatory framework, especially as the sector continues to expand. Otherwise, the legislators believe that state-level regulations might not “ensure” consumer protection.

The bill will demand companies to register with CFTC, prevent “abusive trading practices”, integrate “advertising standards, disclose” information about the potential risk of trading with digital commodities”, and more.

U.S. Senator Boozman added the following on the growing relevance of digital assets and their potential impact on the financial sector:

Digital assets and blockchain technology have already, and will continue, to change the way global markets function. Yet, this fast-growing industry is currently governed largely by a patchwork of regulations at the state level. That simply is not an effective way to protect consumers from fraud.

Sam Bankman Fried (SBF) CEO at major crypto exchange FTX welcomed the legislation and celebrated the efforts announced by the U.S. Senators. Via Twitter, he called the bill a “strong” attempt to “provide clear federal oversight” for the nascent asset class.

Related Reading: UK Based Football Club Oxford City Embraces Bitcoin As Payment For Match Tickets

However, crypto users noted that the bill will require companies to register with the CFTC, and the lack of clarity around the term “digital commodity”, which cryptocurrencies will be regulated by the CFTC and which by the SEC?

2/ in brief: the bill would call for mandatory CFTC registration & supervision of “digital commodity platforms.” It’s similar to House DCEA & our 2018 call for CFTC alternative to state MTL. But we remain concerned about overbreadth/unintended effect on devs & users.

— Peter Van Valkenburgh (@valkenburgh) August 3, 2022 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Attackers Wipe Out $3.5M From Crypto Game Dragoma Through Rug Pull Technique

Attackers Wipe Out $3.5M From Crypto Game Dragoma Through Rug Pull Technique

4 hours ago
Iran Concludes $10 Million Import Using Crypto. US Sanctions Dead?

Iran Concludes $10 Million Import Using Crypto. US Sanctions Dead?

17 hours ago
Another One Bites The Dust: German Crypto Bank Nuri Files For Insolvenzrecht

Another One Bites The Dust: German Crypto Bank Nuri Files For Insolvenzrecht

21 hours ago
Crypto Coinbase SEC

SEC/CFTC May Require Hedge Funds To Provide More Information On Crypto Exposure

24 hours ago
Elon Musk

Elon Musk Sheds $7 Billion In Tesla Shares As Twitter Pushes Back

1 day ago
Crypto

In Crypto Law Overhaul, Thai Central To Receive More Powers

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.