WASHINGTON : A new bill introduced in the U.S. Senate would make the Commodity Futures Trading Commission the direct regulator of the biggest cryptocurrencies.
It would also require such companies providing crypto platforms to register with the CFTC, including brokers, custodians and exchanges. That registration would come with requirements to maintain fair pricing, prevent market manipulation, avoid conflicts of interest and maintain"adequate financial resources," according to a description of the bill provided by senators.
"This fast-growing industry is currently governed largely by a patchwork of regulations at the state level. That simply is not an effective way to protect consumers from fraud," said Boozman in a statement. Stabenow told reporters the bill is not intended to cover the entire cryptocurrency market, or undermine the ability of the Securities and Exchange Commission to police crypto products that function more like securities.
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