- The committee’s mandate includes monitoring the American goods markets.
- In August, Boozman and lots of senators presented the DCCPA act.
Inside a hearing on Thursday entitled “Why Congress Must Act: Training Learned in the FTX Collapse,” U.S. Senator John Boozman (R-AR), the ranking person in the U.S. Senate Committee on Agriculture, Diet, and Forestry, discussed bitcoin and cryptocurrency regulation. Furthermore, the committee’s mandate includes monitoring the American goods markets.
The Senator mentioned:
“Bitcoin, although a cryptocurrency, is really a commodity. It’s a commodity within the eyes from the federal courts as well as in the opinion from the Registration (SEC) chairman. There’s no dispute relating to this.”
CFTC Ought To Be Given Authority
The senator described the FTX failure as “shocking.” Adding, “Public reports advise a complete insufficient risk management, conflicts of great interest, and misuse of customer funds. There’s virtually no spot for such behavior, particularly in our markets.”
Furthermore, Senator Boozman then managed to move on to go over crypto regulation. Namely the way the CFTC ought to be given authority to supervise the cryptocurrency place market.
An important factor he emphasized was:
“If you will find exchanges where goods are traded — whether it is wheat, oil, or bitcoin — then they ought to be controlled. It’s that easy. The selection to not regulate leaves consumers subject to individuals who’d prey upon them.”
In addition, in August, Boozman and lots of senators presented digital Goods Consumer Protection Act (DCCPA) to “empower the CFTC with exclusive jurisdiction within the digital goods place market.”
Furthermore, there has been two additional measures presented in Congress this season that will provide the derivatives regulator expanded oversight responsibilities within the cryptocurrency industry. Bitcoin can be a commodity, but SEC Chairman Gary Gensler makes it obvious that many tokens are actually securities.