Futures Trading<\/a> Commission (CFTC) to regulate the digital commodities.<\/p>\nThe bill mandates the regulation of digital commodity brokers, digital commodity custodians, digital commodity dealers, and digital commodity trading facilities, which are essentially crypto exchange platforms by CFTC. It gives CFTC the power to introduce rules for market participants and enforce them.<\/p>\n
Following in the introduction of the bill, Senator Stabenow said: \u201cOne in five Americans have used or traded digital assets\u2014but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans\u2019 hard-earned money at risk. That\u2019s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.<\/p>\n
If the bill is passed, it will force crypto companies to comply with all regulatory norms, prevent abusive trading practices, integrate advertising standards, and disclose information about the potential risk of trading with digital assets.<\/p>\n
Senator Boozman added: \u201cThis 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.\u201d<\/p>\n
The bill will also set the tone for global regulation of crypto assets\u2014a huge and hard-to-ignore asset class now.<\/p>\n
Although crypto players welcomed the bill, they noted that users will need more clarity on the classification of crypto assets, and on which crypto asset will be regulated by the CFTC and which by the SEC?<\/p>\n","protected":false},"excerpt":{"rendered":"
On Wednesday, US Senators Debbie Stabenow, John Boozman, Cory Booker, and John Thune introduced a new bipartisan bill to clarify which regulatory agency would have a larger role in the regulation of crypto assets and to plug the regulatory gaps in the country. The Digital Commodities Consumer Protection Act of 2022 will define Bitcoin and […]<\/p>\n","protected":false},"author":67,"featured_media":21685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6530],"tags":[6467,6536],"class_list":["post-21683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news-2","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/indian-stocks\/pe-ratio-definition-formula-and-calculation\/#FAQPage\",\"headline\":\"What Is PE Ratio & How To Calculate It? - CoinSwitch\",\"keywords\":\"PE ratio, profitable investing, \",\"datePublished\":\"2023-02-07T18:29:15+05:30\",\"dateModified\":\"2023-02-07T18:29:29+05:30\",\"dateCreated\":\"2023-02-07T18:29:15+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Anju Christine\",\"description\":\"Anju Christine currently spends most of her days editing, but forays into writing on occasion. Although a reluctant writer in recent times, she has spent years trying to learn the craft and is now keen to use it to speak to those curious about crypto.\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/anju-christine\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3b7c1ed4384b22be3c3e77f5b9ba3000?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/indian-stocks\/pe-ratio-definition-formula-and-calculation\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2023\/02\/Generic_Lede_6-2.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2023\/02\/Generic_Lede_6-2-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2023\/02\/Generic_Lede_6-2-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","key_takeways":false,"youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"Beginner","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=21683"}],"version-history":[{"count":2,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21683\/revisions"}],"predecessor-version":[{"id":31134,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21683\/revisions\/31134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/21685"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=21683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=21683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=21683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}