Bipartisan Senate Bill Proposes Shift of Crypto Oversight from SEC to CFTC

A bipartisan bill introduced Monday in the U.S. Senate would transfer regulatory authority over digital assets from the Securities and Exchange Commission to the Commodity Futures Trading Commission, DL News reports. The draft legislation, introduced by Senate Agriculture Committee Chairman John Boozman and Senator Cory Booker, would grant the CFTC powers to define and oversee digital commodities, establish a registration framework for crypto trading platforms, enforce new disclosure requirements, and impose fees on certain transactions. "The CFTC is the right agency to regulate spot trading of digital commodities," Boozman said, emphasizing the importance of establishing clear rules for the emerging crypto market while safeguarding consumers.