Congress will likely decide the fate of crypto jurisdiction: Lummis staffer

Congress will likely decide the fate of crypto jurisdiction: Lummis staffer


A United States Senator Cynthia Lummis staffer believes that U.S. Congress will have to step in and resolve the dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding who regulates cryptocurrencies if the matter cannot be resolved internally. 

The issue stems from 2014 when the CFTC first asserted jurisdiction over virtual currencies. This was later reaffirmed by a U.S. Federal Court ruling in 2018, which stated that CFTC had jurisdiction to prosecute criminals over fraud cases involving virtual currencies. However, it has been the SEC that has predominantly been investigating U.S.-based crypto exchanges and crypto assets to date.

On Aug. 3, Senators Debbie Stabenow (Michigan) and John Boozman (Arkansas) introduced the Digital Commodities Consumer Protection Act of 2022 (DCCPA). If

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