The US Congress has introduced a new bill to create a reporting regime for cryptocurrency exchanges with the Commodity Futures Trading Commission.
Source: THE BLOCK
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Digital Commodity Exchange Act, which Glenn Thompson forwarded, reportedly builds on the existing regulations, including that of the SEC.
The DCEA integrates a reporting regime for more ongoing regulatory oversight but does not bar exchanges from US operations without the registration.
The draft also seeks to bridge the regulatory gaps that have caused uncertainty in the cryptocurrency marketplace and hindered innovation in the US.
DCEA reads that the Securities and Exchange Commission shall retain the mandate about any contract of sale of a digital commodity in interstate commerce.
The bill provides for an optional nature of the reporting regime, which has attracted criticism that it could be easily manipulated.