US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight

The U.S. Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s (CFTC) authority over the cryptocurrency derivatives markets.

A provision in the 2019 CFTC Reauthorization Act clarifies how the regulator would collect information on digital commodities contracts and commodity swaps. The bill is heading to the House of Representatives for a floor vote after being passed unanimously by the House Agriculture Committee, which oversees the CFTC.

If passed, the bill would be the first to place Congressionally-mandated, digital commodity-specific requirements on the CFTC. What’s more, according to the provision’s writer, Rep. Sean Patrick Maloney (D.-NY), it has already become the first crypto derivatives legislation in history to make it past committee.

“It’s time for Congress to get smart about crypto and create an integrated approach to regulating digital currencies,” Maloney said in a statement. “This provision is an essential first step in our efforts to close the gap in regulation of crypto-assets in the derivatives market, fight manipulation and detect fraud.” Read More...