US lawmakers have submitted a bill that will give the Commodity Futures Trading Commission (CFTC) a greater role in overseeing the crypto spot markets.
Lawmakers Glenn Thompson Ro Khanna, Tom Emmer and Darren Soto (D-Fla.) submitted a bill called the Digital Mercantile Exchange Act (DCEA) of 2022, which expands the CFTC’s authority to oversee the crypto spot market. Under the bill, the agency would create a definition for “digital commodities” and allow the CFTC to oversee companies that issue such tokens or allow people to trade, while ensuring that the SEC continues to monitor tokens that fall under US securities laws.
The bill also states that these tokens can only be sold on CFTC-registered exchanges, and these exchanges are expected to comply with certain requirements, such as keeping customers’ crypto assets in trusted custodians, protecting customer assets and preventing mixing of customer and institutional funds.
Thompson, one of the lawmakers presenting the bill, said in a statement on the subject that the bill was “the result of years of work”:
“Fishing the spot-market gap is an important part of the regulatory mess, but it’s more There is much work. I look forward to working with my colleagues to bring greater clarity to crypto users and creators, and hope to see this progress through the legislative process as soon as possible.”
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