By Al Barbarino and Jon Hill (June 10, 2022, 8:42 PM EDT) — A landmark congressional bill proposal for regulating cryptocurrencies is making waves for the amount of regulatory power it would give to the Commodity Futures Trading Commission, but there are plenty of consequential items packed into the bill that industry observers may have missed.
Tuesday’s proposal — co-sponsored by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y. — would give the CFTC authority to regulate the bulk of crypto by market cap, including the popular bitcoin and ether coins. The legislation deems those “ancillary” assets stores of value, and thus commodities, while the U.S. Securities and Exchange Commission would take authority over digital assets…
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