September 24, 2023

Two laws call for CFTC to develop crypto-friendly standards — the Money Times

Two laws call for the preparation of CFTC studies and regulatory recommendations to promote competition and innovation in the crypto industry and to mitigate price manipulation in the markets (Image: Reuters / Andrew Kelly)

The law, recently submitted to the US Congress, aims to put pressure U.S. Commodities Futures Trade Commission (CFTC) Create reports to provide greater transparency for cryptoactive markets.

Deputy Darren Sodo submitted two bills yesterday (25) and the delegates signed Dead Butt, Row dear e Warren Davidson.

All delegates are a part of Blockchain Caucasus, Coalition of Focusing Legislators Cryptocurrency issues.

Representative Tom Emmer signed one of the laws, “American Virtual Monetary Regulation and Market Competitiveness Act” –American Virtual Currency Market and Regulatory Competitiveness Act”- From 2021.

The first law calls for the CFTC to produce a study comparing the regulation of virtual currencies around the world, followed by recommendations on how regulatory structures in the United States can promote competition and innovation in the field of cryptocurrencies.

Second Law, Virtual Currency Investors Protection Act –Virtual Currency Consumer Protection Act”- From 2021, the CFTC is required to prepare a specific report on price manipulation in cryptoactive markets.

This is not the first time Congress has passed legislation. Bills were passed in it The last two congressional sessions And “have succeeded by allocation dynamics”, a Release Published by Soto.

The debate over these bills highlights the role of funding LabCFTC, A government agency liaison center with the Fintech community, and expanding CFTC reports on cryptocurrencies.

CFTC seems to be preparing to tackle digital assets. This Monday (23), Rep Don Stump Had given details about The role of the CFTC in the regulation of digital assets In an effort to dispel misconceptions about the capabilities of the company.

Meanwhile, US Securities and Exchange Commission Chairman Gary Jensler (SEC), Talked about the need for SEC oversight of crypto markets and identified several cryptocurrency brokers as bond brokers.

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