A plan to propose a bill developed by the US Senate Agriculture Committee Chairwoman, Michigan Democrat Debbie Stabenow, and Arkansas Republican Senator John Boozman aims to establish Commodity Futures Trading Commission (CFTC) as regulatory entity over spot markets working with digital assets. Additionally, digital assets like Bitcoin (BTC) and Ethereum (ETH) are going to fall under the jurisdiction too.
CFTC’s possible extension of the working sphere will grant it larger funding, and influence and increase the number of jobs. Moreover, the congressmen working in the commission and supervising the newly introduced agencies would get more lobbyists and donations for campaigns.
Meanwhile, Josh Rager, a crypto trader and analyst, replied to the developed bill with following:
The proposed bill would be an addition to the earlier developed bill, which aims to clarify the different elements of crypto regulations and classify the digital assets appropriately. In the 2nd half of July, Pennsylvanian and Aeizonian Senators proposed a bill that would prevent the reporting of crypto transactions under 50 USD. Additionally, in June, the Governor of Louisiana approved a bill that allowed financial institutions in Louisiana state the custody of digital assets for customers.