US senators launched the “Digital Commodities Shopper Safety Act of 2022” to give the Commodity Futures Buying and Selling Fee (CFTC) “single jurisdiction over the spot market for digital commodities.”
Digital Product Buyer Safety Act
U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) launched the “Digital Commodities Shopper Safety Act of 2022” on Wednesday.
The bipartisan bill aims to provide the Commodity Futures Buying and Selling Commission (CFTC) with “new instruments and authorities to manage digital commodities,” according to the bill’s announcement by the US Senate Committee on Agriculture, Vitamins and Forestry.
Senator Stabenow commented:
One in 5 people have used or traded digital goods, but these markets lack the transparency and accountability they rely on from our monetary system. Too often, this puts People’s hard-earned money at risk.
“That’s why we’re closing regulatory loopholes and requiring these markets to operate under simple guidelines that protect the outlook and protect our monetary system,” she added.
The overview of the laws revealed by the committee says the bill “fills regulatory gaps by requiring all digital product platforms – as well as equipment buying and selling, brokers, sellers and custodians – to s ‘register with the CFTC’. It “further authorizes the CFTC to impose consumption fees on digital product platforms to fully fund its oversight of the digital product market.” Additionally, the bill “recognizes that other money businesses have the task of regulating digital assets that are not commodities, but perform more like securities or types of fees.”
Senator Boozman celebrates:
Our bill will give the CFTC sole jurisdiction over the spot market for digital products, which may result in additional safeguards for customers, market integrity, and innovation in digital products.
“These laws would provide the CFTC with the visibility required in[the marketplace]to respond to growing risks and protect customers, while also providing regulatory certainty to digital product platforms,” Senator Thune said.
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