Battle Royale for Crypto Oversight Kicks Off

Source: The American Prospect
by David Dayen

“A hearing today in the Senate Agriculture Committee is likely to set the future of regulation for cryptocurrencies. The hearing will review a bipartisan bill from committee chair Sen. Debbie Stabenow (D-MI) and ranking member Sen. John Boozman (R-AR), which would give oversight of so-called ‘digital commodities’ to the Commodity Futures Trading Commission (CFTC). Oversight of assets deemed securities would stay with the Securities and Exchange Commission (SEC). Right now, tokens like Bitcoin or Ether are traded on platforms with no regulatory oversight. Hacks, pump-and-dumps, rug pulls, and other scams are rampant and deeply damaging. Many financial reformers have wanted regulation to move entirely through the SEC, which is better resourced and has an explicit investor protection mandate. But legislation to that effect has not been introduced, and the Stabenow-Boozman bill, known as the Digital Commodities Consumer Protection Act (DCCPA), gains the first-mover advantage.” (09/15/22)