Bitcoin, ethereum and other major cryptocurrencies are searching for direction after powering higher through July.
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jostle for oversight of the market, potentially playing havoc with the price of bitcoin, ethereum, BNB, XRP, solana, cardano and dogecoin.The Digital Commodities Consumer Protection Act of 2022, introduced by the Senate Agriculture Committee this week, would see the CFTC regulate spot markets for digital commodities, amending the Commodity Exchange Act without going as far as to define which cryptocurrencies are securities.
The Agriculture Committee is expected to hold a hearing on the bill as early as September, according to comments made by Democrat Senate Agriculture Committee chairwoman Debbie Stabenow of Michigan and reported by the"These rules hold digital commodity platforms to the same standards as traditional financial institutions," the Senate committee said in.
In recent months, the battle among U.S. federal agencies and congressional committees over who will regulate the red-hot crypto market has intensified. The U.S. Securities and Exchange Commission and Federal Reserve have both lobbied for oversight of crypto, potentially increasing their budgets and clout.
The debate over whether some cryptocurrencies should be considered securities has been set alight by the SEC after it branded a handful of digital currencies securities as part of an insider trading case brought against a former product manager at the crypto exchange Coinbase.
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