For 13 years, dozens of scams, Ponzi attacks and other scandals have happened in the crypto market, so now US congress members have decided to keep an eye on the cryptocurrency market. As a result, lawmakers and lobbyists have prepared a Capitol Hill that focuses on how to regulate the industry systematically.
The Senate Agriculture Committee regulated the entire committee that, including Debbie Stabenow and top Republican member John Boozman, would have complete control over the Commodities Futures Trading Commission, which is the default regulator for cryptocurrencies.
US congress members and other consumer advocates have proposed the bills and given some suggestions to the Securities and Exchange Commission relating to crypto.
During this financial year, crypto investors have seen price fluctuations and plunges in the market, and federal legal authorities have accused many firms of running illegal securities.
Democrat from Michigan, and Boozman, of Arkansas, would focus on all cryptocurrency platforms that include traders, dealers, investors, brokers and all the cryptocurrency sites dealing in digital assets.
The bills proposed by Stabenow Boozman would provide better results to the cryptocurrency industry. It is identified that CFTC would be a more industry-friendly regulator than SEC.
Co-sponsors of the Bill are Sens. Cory Booker, D-N.J., and John Thune, R-S.D. Thune added that “It’s critical that the (CFTC) has the proper tools to regulate this growing market,”
The CFTC had a budget of approximately $304 million last year with roughly 666 employees, which is a fraction of the size of the SEC, whereas a budget of nearly $2 billion with 4,500 full-time employees.
“It’s critical that the (CFTC) has the proper tools to regulate this growing market,” Thune said. The law rules are to be added to the list of proper tools to regulate that came out of Congress during this year.“Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space,” Boozman said in a statement.
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