Senate Ag Chair Debbie Stabenow, Ranking Member John Boozman, and Senators Cory Booker and John Thune introduced legislation to regulate digital commodities.
The Digital Commodities Consumer Protection Act of 2022 would give the Commodity Futures Trading Commission new tools and authority it needs to regulate digital commodities and safeguard customers and markets.
“One in five Americans have used or traded digital assets, but these markets lack the transparency and accountability they expect from our financial system,” Stabenow says.
“That puts Americans’ hard-earned money at risk.” The senators say digital assets and blockchain technology have already, and will continue to change the way global markets function. They point out that the fast-growing industry is governed largely by a patchwork of state-level regulations.
Boozman says that’s not an effective way to make sure the market’s rules work for everyone. “Our bill gives CFTC exclusive jurisdiction over the digital commodities spot market,” he says.