A lawmaker in the United States is pushing for cryptocurrency currencies to voluntarily report to the Commodity Futures Trading Commission, in a bid to address regulatory issues in the industry.
- Republican lawmaker Glenn “GT” Thompson has filed the Digital Commodity Exchange Act (DCEA), which seeks to establish a reporting system for cryptocurrency exchanges with the Commodity Futures Trading Commission.
- Thompson said the bill will be complementary to existing authorities for the CFTC and the Securities and Exchange Commission and aims to fill in the gaps which have driven uncertainty and discouraged innovation in the United States.
- The bill has secured bipartisan co-sponsorship, with Democrat lawmakers California Representative Ro Khanna and Florida Representative Darren Soto, along with Republican Minnesota Representative Tom Emmer.
The latest version of the bill includes a voluntary basis for firms to register with the CFTC, which critics flagged as it could be exploited to prevent regulatory oversight.
BTC is down 1.64%, ETH down 1.89%, and ADA down 2.83%.
Source: The Block Crypto