A bipartisan group of members of Congress last week introduced legislation to strengthen oversight of digital commodity markets.
The Digital Commodity Exchanges Act of 2022 (DCEA), HR 7614, would provide regulatory oversight of spot digital commodity exchanges, market intermediaries, and stablecoin providers. It would build on existing frameworks in existing commodities legislation and complement the work of regulators, including the Securities and Exchange Commission (SEC).
“To foster American innovation and tech job growth, Congress must establish a clear process for the creation and commerce of digital products that prioritizes consumer protection, transparency, and accountability.” said Rep. Ro Khanna (D-CA), one of the bill’s sponsors. . “This bipartisan bill will create a regulatory framework for these emerging technologies and keep us competitive with the rest of the world.”
The legislation was also sponsored by Rep. Glenn ‘GT’ Thompson (R-PA), the Republican leader of the House Agriculture Committee, and Reps. Tom Emmer (R-MN) and Darren Soto (D-FL ).
“As the use and importance of digital assets continues to grow around the world, it is essential that Congress take legislative action to promote sensible regulation and define how these markets should be regulated. Today’s legislation is the culmination of years of work to set out a framework that fosters innovation, protects consumers and reduces regulatory uncertainty,” said Thompson. “Bridging the gap between the spot market is an essential piece of the regulatory puzzle, but there is still work to be done. I look forward to working with my colleagues to bring more clarity to crypto users and creators and hope to see it move quickly through the legislative process.