Sheila Warren, CEO of the Crypto Council for Innovation, said the Digital Commodities Consumer Protection Act currently being considered by U.S. lawmakers was a “pivotal step” towards achieving regulatory clarity, but recommended changes to determine the role authorities will take on digital assets.
In written testimony for a Wednesday hearing on the bill with the Senate Agriculture Committee, Warren said the proposed legislation needed to better define a “digital commodity” and security rather than leaving the matter to regulatory agencies or U.S. courts. According to the Crypto Council CEO, the Digital Commodities Consumer Protection Act also fell short of clarifying what trading activity was allowed based on that “readily susceptible to manipulation,” making it possible the Commodity Futures Trading Commission, or CFTC, could have its own interpretation in contrast with that of the Securities and Exchange Commission, or SEC.
“The bill leaves it to the agencies and the Courts to...
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