On April 28, a bipartisan group of congressmen introduced a new bill that required cryptocurrency issuers, dealers, exchanges, and stablecoin developers to adhere to regulations created by the U.S. Commodity Futures Trading Commission (CFTC).
U.S. regulation of cryptocurrency continues
Reps. Glenn Thompson and Tom Emmer, along with Democrats Darren Soto and Ro Khann, reintroduced the Digital Commodity Exchange Act of 2022 (DCEA) into the legislative process.
Stablecoin issuers can register as “operators of digital fixed value goods” in the updated version of the regulations. This includes notifying the authorities how their stablecoin works, keeping records for the regulator, and providing information about the assets that will secure the digital fixed value commodity and how these will be secured.
CFTC is also authorized by the DCEA to register and regulate cryptocurrency exchanges that provide spot trades on cryptocurrency commodities – those that allow traders to buy cryptocurrencies at current prices.
According to the DCEA, the Securities and Exchange Commission (SEC) will retain its regulating authority over securities offerings related to digital assets, but rather classifies cryptocurrencies that are not securities as digital commodities that must fall under the CFTC’s jurisdiction.
The CFTC will allow cryptocurrency developers to register with the commission and cooperate with the authorities voluntarily.