A new bill in the Senate Agriculture Committee would give the CFTC clearer jurisdiction over some cryptocurrencies – but it stops short of specifying how wide this jurisdiction actually is. jesseahamilton reports
. Apart from that, the legislation says the CFTC can affix its commodities stamp on whatever crypto assets aren't considered by the SEC to be securities.for new authority to regulate digital commodity spot markets, where the assets directly change hands. The new bill would grant that authority. The CFTC would be given “exclusive jurisdiction over any account, agreement, contract or transaction involving a digital commodity trade,” according to the text of the bill.
“We are at a critical inflection point where new legislative authority is needed to clarify ambiguities and provide a regulatory framework,” Behnam said in a statement. Stabenow said it’s “very realistic” they could reach a committee markup in September, and she noted that only needing to get the bill through a single committee streamlines the process.in the House of Representatives, but it hasn’t yet reached a committee vote.
Boozman said the legislation assumes the commodities and securities agencies will work closely with each other, though he said “the CFTC is the place” where authority over the crypto industry belongs.
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