US Has Recently Launched 3 Bills to Regulate the Cryptocurrency Market Through CFTC

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Home / Blog / US Introduce 3 Bills to Keep An Eye on Cryptocurrency

US Introduce 3 Bills to Keep An Eye on Cryptocurrency

US Has Recently Launched 3 Bills to Regulate the Cryptocurrency Market Through CFTC
Home / Blog / US Introduce 3 Bills to Keep An Eye on Cryptocurrency

US Introduce 3 Bills to Keep An Eye on Cryptocurrency

US Has Recently Launched 3 Bills to Regulate the Cryptocurrency Market Through CFTC
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The US has recently launched 3 bills to control the cryptocurrency market as it can be done through CFTC, an independent regulatory agency. CFTC includes contacts, options, and swaps that allow for promoting the competition market.

CFTC helps from unfair means of transaction, abusive trade practices, and fraud. As such, there are no proper guidelines followed for the registration process because most of the exchanges are regulated at the state level. During the discussion in the panel, the Securities Exchange Commission said that the listing of digital securities is to be treated as a national securities exchange.

Crypto is pushing the federal agency that they must have clarity in the process of the crypto exchange. Also, there should be a clear definition of a digital commodity.

After a long discussion in the panel, it is decided that the commission would be the primary regulator of the crypto market. There was stiff competition between the SEC and the CFTC. As per the executive director of the blockchain.

US Has Recently Launched 3 Bills to Regulate the Cryptocurrency Market Through CFTCc

“There are 3 bills – the one this week, the Lummis Gillibrand bill, and the House bill, the digital commodity exchange act – that say the CFTC is the place to go. “

The Digital Commodities Consumer Protection Act was introduced this year. “This bill will give power to the CFTC. The CFTC will have jurisdiction over the digital spot commodities pot market. This will make the consumers feel more secure. The integrity and innovation in the market will be increased”.

The Responsible Financial Innovation Act is another act that was passed in June by U.S. Senators. “The CFTC will regulate all the digital assets that meet the definition of a commodity. Digital assets like bitcoin, which compromised more than half a digital asset’s market capitalization, will be regulated by the CFTC—explained by the lawmakers in the act.”

Digital Commodity Exchange Act was introduced in April this year that has the purpose “Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protection. This will also give the process transparency and accountability. The digital commodity act will cause an increase in the foster American innovation technology job growth”.

For more updates, Follow the Cryptocurrencyessentials News section.

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