December 9, 2022

Taylor Daily Press

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The CFTC has become the main regulator of the US Bitcoin market

The CFTC has become the main regulator of the US Bitcoin market

Who has to say what about Bitcoin? This is a question many politicians and policy makers are keen to answer. In the United States, there is now a debate about who should oversee the industry surrounding Bitcoin.

With the Digital Commodities Consumer Protection Act of 2022, the Commodity Futures Trading Commission (CFTC) will become the main regulator.

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Interestingly, the Committee on Agriculture (aka, the Committee on Agriculture) oversees the CFTC. So they brought this too proposal The CFTC should be given more powers when it comes to overseeing the industry.

Digital products

It deals with terms relating to ‘goods’ or goods. This category includes, for example, gold, grains, milk and bitcoin. And it needs to be monitored.

It’s about out-of-network rules. As is well known, American politicians have no say in the rules of etiquette. However, much more needs to be done beyond that.

The Bill essentially deals with how companies should handle ‘digital goods’ such as Bitcoin. Also referred to as Ether. You can imagine that many tokens in the current market do not fall into this category with these types of bills.

drag

In addition to the CFTC, the United States has several other financial market regulators. Take the Securities and Exchange Commission (SEC), for example.

They are again responsible for supervising securities trading. So far they are Bitcoin ETFs. So they are also there to crumble in milk. Ultimately it can be a lot of tug of war to decide who gets to say what about what.

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