US Senators Introduce Bill to Give CFTC Exclusive Jurisdiction Over Digital Commodities Spot Market

US Senators Introduce Bill to Give CFTC Exclusive Jurisdiction Over Digital Commodities Spot Market


U.S. senators have introduced the “Digital Commodities Consumer Protection Act of 2022” to empower the Commodity Futures Trading Commission (CFTC) “with exclusive jurisdiction over the digital commodities spot market.”

Digital Commodities Consumer Protection Act

U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced Wednesday the “Digital Commodities Consumer Protection Act of 2022.”

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The bipartisan bill aims to give the Commodity Futures Trading Commission (CFTC) “new tools and authorities to regulate digital commodities,” according to the announcement of the bill by the U.S. Senate Committee on Agriculture, Nutrition, and Forestry.

Senator Stabenow commented:

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.

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