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U.S. Considering Commodity Futures Trading Commission Regulation of Cryptocurrencies

2022-08-04 11:13:06Sina Finance-Blockchain

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The U.S. Senate has introduced a new bill that would make the Commodity Futures Trading Commission (CFTC) the direct regulator of cryptocurrencies.The bill will give the CFTC exclusive jurisdiction over bitcoin and ether, the two most popular cryptocurrencies, and other crypto products identified as commodities are also governed by the CFTC.

Not only that, but businesses offering cryptocurrency platforms need to register with the CFTC, including brokers, custodians and exchanges.

Supporters argue that the current fast-growing cryptocurrency market is only regulated by a bunch of state-level regulations that are not efficient enough to prevent fraud.

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