Cryptocurrencies
Crypto Bill in U.S. House Would Limit SEC’s Reach Over Exchanges
- Legislation would give bigger role to derivatives regulator
- Plan offers incentives for platforms to register with CFTC
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The crypto industry’s push to wrest jurisdiction away from the U.S. Securities and Exchange Commission is gaining momentum in a proposal by a bipartisan group of House lawmakers.
Republican Reps. Glenn Thompson of Pennsylvania and Tom Emmer of Minnesota joined Democratic Reps. Darren Soto of Florida and Ro Khanna of California to re-up a plan on Thursday that’d bring exchanges that offer digital assets like Bitcoin directly under the Commodity Futures Trading Commission’s purview. The CFTC’s jurisdiction is now largely limited to crypto futures, and the SEC has upset coin enthusiasts by asserting that its stricter investor-protection rules should apply.