Regulation around crypto is far from final in the U.S., and some would argue that the path is just being paved. As crypto-focused bills are being introduced to Congress, there are a few the industry and regulators should keep an eye on, according to a new report by Prime Trust.
To date, Congress has introduced over 50 bills related to digital assets, blockchain technology and other policies within the crypto sector. But of those, three stand out: The Digital Commodity Exchange Act of 2022, the Lummis-Gillibrand Responsible Financial Innovation Act and The Digital Commodities Consumer Protection Act of 2022, the report stated.
The common mantra within the industry is ‘regulatory clarity.’ Jeremy Sheridan, VP of regulatory affairs, Prime Trust
“Based on industry discussions, those three seemed to have the most legislative momentum and were the most comprehensive,” Jeremy Sheridan, VP of regulatory affairs at Prime Trust, told TechCrunch.
While all three bills are different, each aims to have the Commodity Futures Trading Commission (CFTC) as the main regulator and overseer for cryptocurrencies, unless they are defined as securities, in which case they would remain under the purview of the U.S. Securities and Exchange Commission (SEC).
“Just having that primary regulator is really important,” Sheridan said. “It starts establishing the roles of the road.”
The CFTC and the SEC’s roles around cryptocurrency regulation have been somewhat blurred, as both organizations have tried to get involved, but each of these bills aim to provide greater clarity on that front, in addition to other areas.