Golden Finance reported that the cryptocurrency bill could transfer power to the US Commodity Futures Trading Commission (CFTC), which is said to be more cryptocurrency-friendly, and better define the jurisdiction of the US Securities and Exchange Commission (SEC). According to reports, at least 50 digital asset bills have been introduced to Congress since 2022, aiming to govern everything from stablecoins to the jurisdiction of U.S. regulators. However, given the concerns of lawmakers and the cryptocurrency industry, at least four of them are considered to have the potential to have a significant impact on the industry (if passed).
The 21st Century Financial Innovation and Technology Act, introduced on July 20, aims to establish a reliable process for determining whether digital assets are commodities or securities, and to clarify the jurisdiction of regulators. The bill, introduced by Republican members of the U.S. House of Representatives Agriculture and Financial Services Committee, would give the Commodity Futures Trading Commission (CFTC) authority over digital commodities and clarify the jurisdiction of the Securities and Exchange Commission (SEC).
The Responsible Financial Innovation Act (RFIA) A bill with similar goals (known as the Lummis-Gillibrand Act or RFIA) seeks to clarify the roles of the SEC and CFTC in cryptocurrency regulation. According to the bill's fact sheet, the bill also aims to provide greater protection for consumers by enacting laws "to prevent the recurrence of FTX-style incidents."
The Digital Asset Market Structure Act (DAMS), introduced on June 1, aims to define the crypto-related roles of the SEC and CTC and create a framework for regulators to determine whether certain cryptocurrencies are securities or commodities. The bill has drawn some attention, with Rep. Maxine Waters sending a June 26 letter to Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler asking for their comments on the bill.
An updated version of the Digital Commodity Exchange Act (DCEA), first introduced in September 2020 and last re-introduced in April 2022, allows stablecoin providers to register as “fixed-value digital commodity operators,” including record-keeping and reporting requirements. The DCEA empowers the CFTC to register and regulate spot exchanges, which follow the same rules as other commodity exchanges.
