U.S. Senator Proposes Bill to Transfer Cryptocurrency Oversight from SEC to CFTC

BlockBeats News, November 11th, according to DL News, Washington is redefining the regulatory discussion on the $3.6 trillion digital asset industry. A bipartisan U.S. Senate proposal unveiled on Monday aims to reshape the U.S. cryptocurrency regulatory landscape by shifting regulatory authority from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).

The proposal, introduced by Senate Agriculture Committee Chair John Boozman and Senator Cory Booker, includes granting the CFTC the power to define and regulate digital commodities, establishing a registration system for crypto exchanges, enforcing new disclosure rules, and imposing fees on specific transactions.

Boozman stated: "The CFTC is the right agency to regulate digital commodity spot markets. Establishing clear rules for the emerging crypto market while protecting consumers is crucial."