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U.S. senators have introduced the \u201cDigital Commodities Consumer Protection Act of 2022\u201d to empower the Commodity Futures Trading Commission (CFTC) \u201cwith exclusive jurisdiction over the digital commodities spot market.\u201d<\/strong><\/p>\n U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced Wednesday the \u201cDigital Commodities Consumer Protection Act of 2022.\u201d<\/p>\n The bipartisan bill aims to give the Commodity Futures Trading Commission (CFTC) \u201cnew tools and authorities to regulate digital commodities,\u201d according to the announcement of the bill by the U.S. Senate Committee on Agriculture, Nutrition, and Forestry.<\/p>\n Senator Stabenow commented:<\/p>\n One in five Americans have used or traded digital assets \u2014 but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans\u2019 hard-earned money at risk.<\/p>\n<\/blockquote>\n \u201cThat\u2019s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe,\u201d she added.<\/p>\n The overview of the legislation published by the committee states that the bill \u201ccloses regulatory gaps by requiring all digital commodity platforms \u2014 including trading facilities, brokers, dealers, and custodians \u2014 to register with the CFTC.\u201d It also \u201cauthorizes the CFTC to impose user fees on digital commodity platforms to fully fund its oversight of the digital commodity market.\u201d In addition, the bill \u201crecognizes that other financial agencies have a role in regulating digital assets that are not commodities, but function more like securities or forms of payment.\u201d<\/p>\n Senator Boozman noted:<\/p>\n 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.<\/p>\n<\/blockquote>\n \u201cThis legislation would provide the CFTC with the necessary visibility into the marketplace to respond to emerging risks and protect consumers, while also providing regulatory certainty to digital commodity platforms,\u201d Senator Thune clarified.<\/p>\nDigital Commodities Consumer Protection Act<\/h2>\n
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