Congress likely to decide fate of crypto jurisdiction – Lummis staffer
United States Congress will have to step in to decide who gets the bragging rights of crypto regulation if the SEC and CFTC can't solve the problem internally.
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A member of US Senator Cynthia Lummis' staff believes that the US Congress will have to step in and resolve the dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over who regulates crypto -currencies if the matter cannot be resolved internally.
The issue dates back to 2014, when the CFTC first asserted jurisdiction over virtual currencies. This was later reaffirmed by a 2018 US Federal Court ruling, which declared that the CFTC has jurisdiction to prosecute criminals in fraud cases involving virtual currencies. However, it is the SEC that has primarily investigated US-based crypto exchanges and crypto assets to date.
On Wednesday, Senators Debbie Stabenow of Michigan and John Boozman of Arkansas introduced the Digital Commodities Consumer Protection Act of 2022 (DCCPA). If the bill passes the US legislature, the CFTC would be granted the right to regulate digital products.
Specifically, the DCCPA would classify both Bitcoin (BTC) and Ether (ETH) as digital commodities and not securities. This is particularly important as SEC Chairman Gary Gensler recently said in an interview with US business news channel CNBC that BTC is the only cryptocurrency he is comfortable with labeling. as a commodity:
"Some, like Bitcoin - and that's the only one I'm going to say because I'm not going...
United States Congress will have to step in to decide who gets the bragging rights of crypto regulation if the SEC and CFTC can't solve the problem internally.
New
A member of US Senator Cynthia Lummis' staff believes that the US Congress will have to step in and resolve the dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over who regulates crypto -currencies if the matter cannot be resolved internally.
The issue dates back to 2014, when the CFTC first asserted jurisdiction over virtual currencies. This was later reaffirmed by a 2018 US Federal Court ruling, which declared that the CFTC has jurisdiction to prosecute criminals in fraud cases involving virtual currencies. However, it is the SEC that has primarily investigated US-based crypto exchanges and crypto assets to date.
On Wednesday, Senators Debbie Stabenow of Michigan and John Boozman of Arkansas introduced the Digital Commodities Consumer Protection Act of 2022 (DCCPA). If the bill passes the US legislature, the CFTC would be granted the right to regulate digital products.
Specifically, the DCCPA would classify both Bitcoin (BTC) and Ether (ETH) as digital commodities and not securities. This is particularly important as SEC Chairman Gary Gensler recently said in an interview with US business news channel CNBC that BTC is the only cryptocurrency he is comfortable with labeling. as a commodity:
"Some, like Bitcoin - and that's the only one I'm going to say because I'm not going...
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