The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin (BTC) and Ethereum (ETH) To Be Policed by CFTC Under New US Senate Proposal: Report

by Daily Hodl Staff
August 4, 2022
in Bitcoin, Ethereum, Regulators

The push to regulate cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) forges ahead as a bipartisan bill has been submitted to the United States Senate.

According to a new Wall Street Journal report, Michigan Democrat Debbie Stabenow who chairs the Senate Agriculture Committee is joining with Arkansas Republican John Boozman to empower the Commodity Futures Trading Commission (CFTC) to regulate the crypto spot markets via a new class of assets called “digital commodities.”

The article refers to the legislation as the latest salvo in a “competition for jurisdiction” between numerous government bodies and agencies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve.

While the proposed legislation does not include “securities” as part of the newly defined asset class, cryptocurrency exchanges such as Coinbase and FTX would fall under the CFTC’s jurisdiction. They would be required to register with the agency and offer consumer protections.

Boozman said of the new Digital Commodities Consumer Protection Act of 2022 proposal,

“This fast-growing industry is currently governed largely by a patchwork of regulations at the state level. That simply is not an effective way to protect consumers from fraud.

Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space.”

The Stabenow-Boozman bill represents the third instance of Senators proposing bills affecting cryptocurrencies in the past two months.

Last Wednesday, Republican Pat Toomey of Pennsylvania and Arizona Democrat Kyrsten Sinema put forth a new measure called “The Virtual Currency Tax Fairness Act” that would exempt small personal crypto transactions from taxation.

The bill will exclude personal crypto transactions worth less than $50 or with gains under $50 from being subjected to capital gains tax. Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the value of the coin increases.

Back in early June, another bipartisan proposal from Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) sought to establish a regulatory framework for the crypto industry.

Gillibrand said of The Responsible Financial Innovation Act,

“It is critical that the United States play a leading role in developing policy to regulate new financial products, while also encouraging innovation and protecting consumers.

[This] is a landmark bill that will establish a regulatory framework that spurs innovation, develops clear standards, defines appropriate jurisdictional boundaries and protects consumers.

[It] will provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market.”

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/naratrip2/nsimsek0

Submit a Press Release

Industry Announcements

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,060.25
$27,060.25
0.6%
Ethereum
$1,892.25
$1,892.25
0.86%
Cardano
$0.376809
$0.376809
0.22%
XRP
$0.51873
$0.51873
0.86%
Dogecoin
$0.072643
$0.072643
0.07%

Spotlight

  • Bitcoin Could Erupt 150% This Year and Shatter All-Time High, According to Analyst – Here’s Why
    May 27, 2023
  • Under-the-Radar Altcoin Escapes Crypto Doldrums and Surges by 44% This Week Amid Successful AI Testing
    May 27, 2023
  • One Catalyst Could Trigger Altcoins To Plunge by Up to 50%, Predicts Popular Crypto Analyst
    May 27, 2023
  • Ongoing Crypto Market Downturn Forces 2,710,000 Bitcoin (BTC) Into Loss Territory: Glassnode
    May 27, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl