Congress Receives Third Bill Describing CFTC As Regulator Of Crypto Spot Market

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So far, three bills have been introduced in the US Congress to confirm the Commodity Futures Trading Commission (CFTC) as the primary regulator for cryptocurrency spot markets this year.

Citing prolonged infighting between the Securities and Exchange Commission (SEC) and the CFTC over regulatory authority on the crypto spot market, Kristin Smith, the executive director of the Blockchain Association, told CNBC in a recent interview that:

“We now have three different bills — the one this week, the Lummis Gillibrand bill, and also the House bill, the Digital Commodity Exchange Act — that all say the CFTC is the place to go.”

The Bills Giving CFTC Regulatory Responsibility Over Crypto Spot Market

The latest bill to that effort, termed the “Digital Commodities Consumer Protection Act of 2022,” was introduced to Congress by US Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) last week. Commenting on the piece of legislature, Senator Boozman explained:

“Our 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.”

Two months ago, US Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced the “Responsible Financial Innovation Act” to Congress, which elevated the CFTC as the regulatory authority over digital asset spot markets. The Senators noted: “Digital 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.”

The first bill, termed the “Digital Commodity Exchange Act of 2022,” was introduced to Congress in April by Reps. Ro Khanna (D-CA), Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN), and Darren Soto (D-FL). At the time, Rep. Khanna noted: “To 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.”