Congress’ attempt to make the Commodity Futures Trading Commission (CFTC) the primary U.S. cryptocurrency regulator took a procedural step forward on Thursday, with a House of Representatives lawmaker introducing a bill supporting a parallel effort in the Senate.
The Senate legislation – introduced in August by the leaders of the Senate Agriculture Committee, Chairwoman Debbie Stabenow (D-Mich.) and senior Republican, John Boozman (R-Ark.) – is a relatively narrow effort to install the CFTC as a leading agency to oversee digital assets trading and to exercise new authority over crypto spot markets. Now, that effort has been joined in the House, shepherded by Rep. Sean Patrick Maloney (D-N.Y.), the chairman of the Commodity Exchanges, Energy, and Credit Subcommittee and also the Democratic Congressional Campaign Committee.
“It is essential that we have robust oversight and regulation so that we may provide strong customer protections,” said Maloney, who introduced the bill along with...
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