CFTC Crypto Jurisdiction Bill Vote Postponed Until September

CFTC Crypto Jurisdiction Bill Vote Postponed Until September

The U.S. Senate Agriculture Committee has postponed a vote on a crypto bill introduced by Chairwoman Debbie Stabenow (D). The bill, which would give the Commodity Futures Trading Commission (CFTC) authority to regulate "digital commodities," was expected to be voted on before the August recess. However, it could now be taken up again after members return from recess the second week of September. The delay is reportedly due to concerns raised by some committee members about the bill's impact on the digital asset industry. Some members have argued that the bill could stifle innovation in the crypto space, while others have expressed concerns that it could give the CFTC too much power. The CFTC has been arguing for years that it should have jurisdiction over cryptocurrencies, and the bill would give it the authority to regulate digital asset exchanges, brokers, and other market participants. The agency has said that it is necessary to protect consumers and ensure the integrity of the markets. The crypto industry has been divided on the bill, with some companies supporting it and others opposing it. The Blockchain Association, a trade group representing the crypto industry, has said that it supports the bill and believes that it would provide regulatory clarity for the industry. However, other groups, such as the Chamber of Digital Commerce, have expressed concerns about the bill and have urged the committee to make changes. It remains to be seen whether the bill will be passed by the Senate and signed into law. However, the postponement of the vote indicates that there is still some work to be done to address the concerns of committee members.