The US Congress will soon vote on a bill providing new information on the authority of the Commodity Futures Trading Commission (CFTC) in the cryptocurrency derivatives markets.
A provision of the 2019 CFTC Reauthorization Act clarifies how the regulator would collect information on digital product contracts and product exchanges. The bill will go to the House of Representatives for a vote in the House after being passed unanimously by the House Committee on Agriculture, which oversees the CFTC.
If passed, the bill will be the first to impose on the CFTC specific requirements for digital products, imposed by Congress. Moreover, according to the representative of the disposition, Sean Patrick Maloney (D.-NY), he has already become the first law in history on cryptographic derivatives to pass to the previous committee.
"It's time for Congress to take an intelligent approach to cryptography and create an integrated approach to the regulation of digital currencies," Maloney said in a statement. "This provision is an essential first step in our efforts to close the existing divide in the regulation of cryptographic assets in the derivatives market, to combat manipulation and to detect fraud."
The provision itself is short, indicating that the CFTC "will adopt rules detailing the content and availability of trade and operator data, as well as other information to which the Chamber of Commerce must be able to access" markets. contractually supported by digital products.
An almost identical subsequent paragraph imposes the same requirements on the swap execution facilities.
In response to a request for comment, a spokesman for the CFTC sent CoinDesk a statement from President Heath Tarbert, who said he congratulated the Agriculture Committee for adopting a bipartite legislation.
"The sound regulation of our derivatives markets, which generates more than $ 4 trillion in theoretical activity per day, is critical to the health of the US economy and every American's portfolio," she said. he said, adding:
"I look forward to working with members of both parties in both Houses to bring a bill to fruition."
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