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Push to Give Derivatives Regulator More Sway Over Crypto Trading Gains Steam

  • New bipartisan bill in Senate to try to expand agency’s powers
  • Would require CFTC to complete demographic, energy studies
Rostin Behnam, chairman of the Commodity Futures Trading Commission 
Rostin Behnam, chairman of the Commodity Futures Trading Commission Source: Bloomberg
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A push in Washington to transform the US derivatives regulator into a top crypto watchdog is gaining steam with a Senate bill that would give the Commodity Futures Trading Commission sweeping new powers to oversee the asset class. 

The CFTC, whose purview is now mostly limited to crypto derivatives, would get the ability to police trading in the largest digital assets under the plan introduced Wednesday by Democrat Debbie Stabenow and Republican John Boozman. The legislation backed by the two top members of the Senate Agriculture Committee carries particular heft because their panel oversees the regulator. Senators Cory Booker, a New Jersey Democrat, and John Thune, a South Dakota Republican, are also original cosponsors of the bill.