Bitcoin (BTC) and Ethereum (ETH) To Be Policed by CFTC Under New US Senate Proposal: Report

Bitcoin (BTC) and Ethereum (ETH) To Be Policed by CFTC Under New US Senate Proposal: Report


The push to regulate cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) forges ahead as a bipartisan bill has been submitted to the United States Senate.

According to a new Wall Street Journal report, Michigan Democrat Debbie Stabenow who chairs the Senate Agriculture Committee is joining with Arkansas Republican John Boozman to empower the Commodity Futures Trading Commission (CFTC) to regulate the crypto spot markets via a new class of assets called “digital commodities.”

The article refers to the legislation as the latest salvo in a “competition for jurisdiction” between numerous government bodies and agencies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve.

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While the proposed legislation does not include “securities” as part of the newly defined asset class, cryptocurrency exchanges

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