- Bill introduced targeting SEC to CFTC oversight change.
- Focus on Bitcoin, Ethereum regulation shift.
- Emphasizes clarity, innovation’s encouragement.
The bill’s reallocation of oversight aims to provide clearer regulatory frameworks and consumer protections, influencing the crypto financial landscape.
U.S. House Financial Services Committee and the House Agriculture Committee unveiled a bill that proposes transferring the regulatory oversight of top cryptocurrencies like Bitcoin and Ethereum from the SEC to the CFTC. Representatives French Hill and Glenn “GT” Thompson lead the initiative.
“Today signifies the initial move toward creating a comprehensive structure that safeguards consumers, encourages innovation, and addresses regulatory shortcomings in oversight. This will offer certainty to developers and users of digital assets, which they have been seeking.” – Glenn “GT” Thompson, Chairman, House Agriculture Committee
Thompson commented on the bill’s potential to offer certainty and innovation while assuring consumer protection. The legislation aims to classify certain assets as commodities, influencing SEC practices.
Immediate effects on crypto markets appeared minimal, with no significant changes in Total Value Locked or liquidity metrics recorded. The proposed shift might reshape financial strategies for crypto developers and investors.
On the business front, greater institutional clarity is anticipated. If passed, the bill may also realign investment opportunities by altering funding pathways from SEC jurisdiction to CFTC registration.
Market observers note the bill’s potential to follow international dual oversight models, marking a significant change for U.S. regulatory practices. Final passage remains uncertain as committees and stakeholders deliberate further developments.
