Senate Crypto Bill Eyes Bigger Role For CFTC

By Tom Zanki (June 7, 2022, 10:09 PM EDT) — U.S. Senate legislation introduced Tuesday would assign most oversight of cryptocurrencies to the U.S. Commodity Futures Trading Commission, a smaller regulator that can be seen as friendly toward digital assets, although lawyers said the proposal would not end jurisdictional disputes among federal agencies.

The Responsible Financial Innovation Act, a long-awaited bipartisan bill co-sponsored by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., strives to create regulatory certainty among agencies governing cryptocurrencies. As drafted, Tuesday’s proposal does so mostly by granting significant authority to the CFTC, a derivatives regulator that has a smaller budget and enforcement staff than its larger sister agency,…

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