Topic: CFTC-registered crypto exchanges? (Read 115 times)
do you think https://kintum.io can be a good exchange?
Another article on the same bill. I am not sure of the big picture 'so what' but maybe explains the recent bounce in BTC price today? Anyone have more informed thoughts on this bill?
A New Bill Proposes to Put US Crypto Exchanges Under a National Framework
https://www.coindesk.com/conaway-digital-commodity-bill
Quote
The bill outlines a new framework for digital currencies, treating them similarly to commodities under the Commodities Exchange Act, which governs that asset class. Under the framework, crypto exchanges would enjoy a federal jurisdiction, allowing them to operate in the entire U.S. rather than applying for 49 different state money transmission licenses.
CFTC-registered crypto exchanges? A new bill proposes a voluntary path for that
New legislation has been proposed that, if passed, would create an opt-in pathway to regulate U.S. cryptocurrency exchanges under a new, national-level framework.
The Digital Commodity Exchange Act (DCEA) endeavors to “regulate the trading venues which list emerging digital commodities, such as Bitcoin, Ether, their forks, and other similar digital assets, for trading.” The wide-ranging legislation — introduced by Representative Michael Conaway — is the first of its kind to emerge from Congress, which to date has largely focused on adding definitions for digital assets to the federal code.
At the center of the bill is a proposed designation for crypto exchanges: a registered Digital Commodity Exchange, or DCE. Under the auspices of the Commodity Futures Trading Commission (CFTC), such a designation would exist alongside classifications for Swap Execution Facilities and Designation Contract Markets. What’s more, the designation would offer an alternative to the state-by-state, money transmitter-centric approach that prevails today. The CFTC has considered cryptocurrencies like bitcoin to be commodities since 2015.
The bill outlines how such exchanges would be required to have safeguard measures in place, shielding customers from potential harm and manipulation on their trading venues. It also includes language about information reporting requirements for DCEs and procedures for a potential wind-down, including how much financial resources a DCE must have on hand at a given time.
On the question of asset custody, the bill also provides for certain firms to be designated “Qualified Digital Commodity Custodians,” for which the CFTC would “set minimum standards for supervision and regulation a regulator would have to impose for an entity regulated under the regime to be deemed ‘qualified.”
In sum, Conaway’s bill attempts to cast a wide net and, if successful, would represent a novel framework and provide the kind of regulatory clarity that many U.S. crypto businesses have long sought.
https://www.theblockcrypto.com/post/78723/cftc-crypto-exchanges-congress-bill
New legislation has been proposed that, if passed, would create an opt-in pathway to regulate U.S. cryptocurrency exchanges under a new, national-level framework.
The Digital Commodity Exchange Act (DCEA) endeavors to “regulate the trading venues which list emerging digital commodities, such as Bitcoin, Ether, their forks, and other similar digital assets, for trading.” The wide-ranging legislation — introduced by Representative Michael Conaway — is the first of its kind to emerge from Congress, which to date has largely focused on adding definitions for digital assets to the federal code.
At the center of the bill is a proposed designation for crypto exchanges: a registered Digital Commodity Exchange, or DCE. Under the auspices of the Commodity Futures Trading Commission (CFTC), such a designation would exist alongside classifications for Swap Execution Facilities and Designation Contract Markets. What’s more, the designation would offer an alternative to the state-by-state, money transmitter-centric approach that prevails today. The CFTC has considered cryptocurrencies like bitcoin to be commodities since 2015.
The bill outlines how such exchanges would be required to have safeguard measures in place, shielding customers from potential harm and manipulation on their trading venues. It also includes language about information reporting requirements for DCEs and procedures for a potential wind-down, including how much financial resources a DCE must have on hand at a given time.
On the question of asset custody, the bill also provides for certain firms to be designated “Qualified Digital Commodity Custodians,” for which the CFTC would “set minimum standards for supervision and regulation a regulator would have to impose for an entity regulated under the regime to be deemed ‘qualified.”
In sum, Conaway’s bill attempts to cast a wide net and, if successful, would represent a novel framework and provide the kind of regulatory clarity that many U.S. crypto businesses have long sought.
https://www.theblockcrypto.com/post/78723/cftc-crypto-exchanges-congress-bill
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