US Senator Proposes Bill to Grant CFTC Authority over Crypto Regulation

IconCryptoNewsTerminal Staff10 Jul, 2024

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US Senator Proposes Bill to Grant CFTC Authority over Crypto Regulation

The Commodity Futures Trading Commission (CFTC) may soon gain authority over cryptocurrency regulation if a new bill proposed by US Senator Debbie Stabenow, chairwoman of the Senate Agriculture Committee, is passed. The bill's provisions include requiring crypto firms to maintain adequate reserves, adhere to security standards, protect investors, and contribute funding to the CFTC. The SEC and CFTC have been debating which agency should oversee crypto regulation, and whether specific assets qualify as securities or commodities. CFTC Chairman Rostin Behnam believes that most crypto assets are not securities and has advocated for the CFTC's jurisdiction. The Agriculture Committee is currently conducting a hearing on digital asset regulation.

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