Senate Bills Seek to Define Crypto Market Oversight
Competing drafts aim to divide regulatory authority between CFTC, SEC, and banking regulators.
Web3 Wavefronts - Digestible News on Crypto, DeFi and AI · theWeb3.news
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Show Notes
Two Senate committees released competing drafts of a crypto market structure bill, proposing to divide regulatory oversight between the CFTC and the SEC, with banking regulators overseeing payment stablecoins. The proposals define digital commodities and investment contract assets, potentially expanding the CFTC's authority and limiting the SEC's reach on certain secondary transactions. Banking regulators will oversee permitted payment stablecoins, setting prudential standards. The reconciliation process will involve refining definitions and compliance pathways, including resolving issues around DeFi and developer protections, before a potential Senate vote; the final bill could reshape federal authority over crypto markets, impacting exchanges, brokers, and stablecoin issuers.
Source: https://theweb3.news/policy/senate-crypto-oversight-bill/
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