Monday, May 16, 2022
Home Crypto News Market Pennsylvania and California Reps to Introduce New Bill to Give CFTC More...

Pennsylvania and California Reps to Introduce New Bill to Give CFTC More Control of Cryptocurrency Exchanges 

- Advertisement -
Follow-Us-On-Google-News

The CFTC is being considered the most friendly regulatory agency for the digital currency space. 


Glenn William “GT” Thompson, U.S. Rep. for Pennsylvania and California Rep. Ro Khanna are teaming up on a bill that would grant the Commodity Futures Trading Commission (CFTC) more power over multiple cryptocurrencies in the spot market.

The bill, if passed, would give the CFTC direct oversight over a large part of cryptocurrency exchanges, and the federal agency would be allowed to treat digital currency trading platforms like designated contract markets.

According to people familiar with the matter, the bill, which is set to be introduced later today, is also co-sponsored by Rep. Darren Soto, a member of the Congressional Blockchain Caucus.

It is worth noting that the bill is originating from the House Agriculture Committee, which oversees the Commodity Futures Trading Commission.

The latest push by lawmakers is part of efforts to establish cryptocurrency bills for the nascent industry, following a directive by the Joe Biden administration in the recently published cryptocurrency executive order.

Calls to Give CFTC More Control Over Cryptos

The development marks a growing call by members of the cryptocurrency community for United States regulators to grant the CFTC more regulatory power over the digital currency market.

This is mainly because of the Securities and Exchange Commission’s use of unconventional methods in regulating the industry over the past few years.

The SEC has come under widespread scrutiny for its method of providing regulatory oversight for crypto-related businesses, including Ripple.

On several occasions, the SEC’s regulatory measures in the cryptocurrency space have been condemned, with many players stating their preference for the CFTC.

Yesterday, Brad Garlinghouse, the CEO and founder of Ripple, noted that he would opt for CFTC as the best regulatory agency to oversee the cryptocurrency market.

Similarly, Brian Armstrong, the CEO and founder of Coinbase, also noted in a recent interview that not all cryptocurrencies fall under the laws of the SEC, which has been widely accused of abusing the Howey test in determining which digital currency is security.

Anti-Crypto Players May Push to Stop the Bill

While the bill is yet to be introduced, there is a chance that it could be adopted. However, anti-crypto lawmakers and experts who seem happy with how the SEC is handling the nascent asset class may do everything possible to stop the bill from being passed.

Attorney James K. Filan commented on the development, saying:

“This is where Gensler digs in to protect what he sees as his turf. Controlling the exchanges has always been his hammer to control the crypto space. If he controls the exchanges, he controls what is traded on them. Don’t expect anything but a huge fight from him and @SenWarren.”

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Shiba Inu’s Shibarium To Match Ethereum Layer-2 Scaling Platform Polygon’s Operability, Scalability, and Security 

Shibarium Will Have Polygon’s Features of Operability, Scalability, and Security. With Shibarium expected to go live later this year, Shiba Inu developers have teased that...

Is Bitcoin Going Below $20K Or Are Institutional Investors Buying Again? CryptoQuant CEO Explains

Institutional Investors Could Be Accumulating BTC Through Market Makers after Strong Selling. Market makers sent a total of 84,000 BTC from Gemini to Binance between...

Why Is Bitcoin The Most Popular Cryptocurrency?

Bitcoin is the most popular cryptocurrency because it was the first one created. Bitcoin is also a decentralized currency, not subject to government or...

How Can Bitcoin Affect Asics, a Sports Equipment Company?

Asics, the brand behind the popular running shoes, is a company that has a significant market share worldwide and is one of the biggest...

Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

The hedge fund manager said Terra failed because the system was designed to enrich investors and the team. ...

SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

2.17 Billion Shiba Inu (SHIB) Burnt within the Last 7 Days and 449.98 Million During Last 24 Hours. ...

Ethereum Founder Vitalik Buterin “Strongly Agrees” With Terra’s Plan to Compensate Small TerraUSD (UST) Investors Over Rich Ones 

The Ethereum creator believes that a plan to focus more on compensating small investors is a good hybrid formula. ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.