A new bill in the US is seeking to ascribe a major chunk of regulatory power on cryptocurrency to a single regulator, the Commodity Futures Trading Commission (CFTC).
The bill which was sponsored by some lawmakers in the senate seeks to make the Commodity Futures Trading Commission (CFTC) the direct regulator of the biggest cryptocurrencies, Bitcoin and Ether.
Speaking in this regard, one of the sponsors, Senate Agriculture Committee Chairwoman Debbie Stabenow said that 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.
“We’re not defining what security is. I have great confidence in Chairman Gensler to be able to use his authority,” she stated.
Details of the bill provided by the senators outlined some targets which the bill seeks to meet including getting such firms to subscribe to the idea of fair pricing, prevent market manipulation, avoid conflicts of interest, and maintain “adequate financial resources,”
The bill also seeks to mandate companies providing crypto services to register with the CFTC.