Senate Committee Drafts Crypto Bill to Define CFTC Role in Overseeing Markets
The Senate Agriculture Committee published its draft crypto market structure legislation on Monday, bringing the body a necessary step closer to advancing its answer to the House of Representatives’ Clarity Act legislation to define how exactly the Commodity Futures Trading Commission can oversee spot market trading.
The draft bill, which still includes brackets indicating sections where lawmakers have yet to fully agree on details, marks a major step toward the government delineating where the CFTC’s jurisdiction ends and the Securities and Exchange Commission’s jurisdiction begins — a key question that only Congress can answer as these federal agencies ramp up their own efforts to publish guidance for crypto companies and other firms…
