Conaway Introduces Digital Commodity Regulatory FrameworkThu, 24 Sep 2020 11:56:51 CDT
Today, House Agriculture Committee Ranking Member K. Michael Conaway (TX-11) introduced the Digital Commodity Exchange Act of 2020, legislation that creates a single, opt-in national regulatory framework for digital commodity trading platforms under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
"The Digital Commodity Exchange Act (DCEA) provides a clear path forward to improve the regulation of digital commodities," said Rep. Conaway. "Digital commodity trading platforms are currently required to comply with a complicated labyrinth of 53 state and territory regulatory frameworks, hindering the ability for newcomers to enter the market. The DCEA provides responsible federal oversight of trading platforms and critical consumer protections, while also paving the way for innovators to develop new digital commodity projects.
"I'm excited by the support this bipartisan legislation has received in Congress and from those in the industry. I look forward to developing a legal framework and providing clarity for fintech innovators and strong protections for users of digital commodities."
Cosponsors of the Digital Commodity Exchange Act include Congressmen Tom Emmer (MN-06), Dusty Johnson (SD-AL), David Schweikert (AZ-06), Austin Scott (GA-08), and Darren Soto (FL-09). The text of the bill can be found here, and a summary of the bill here.
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