Title: Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework – Bitcoin News
Headings: Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Digital Commodity Exchange Act of 2020
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Content: Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework – Bitcoin News
Digital Commodity Exchange Act of 2020: US Lawmakers Propose Single National Crypto Framework
Lawmakers in the U.S. have introduced the Digital Commodity Exchange Act of 2020 to create a single, national regulatory framework for cryptocurrency trading platforms, including those that trade bitcoin, ether, their forks, and other cryptocurrencies. On the same day, the Securities Clarity Act was also introduced. Digital Commodity Exchange Act of 2020
The bill entitled “Digital Commodity Exchange Act of 2020 (DCEA)” was introduced by U.S. House Agriculture Committee Ranking Member Michael Conaway on Thursday. He explained that the proposed legislation “creates a single, opt-in national regulatory framework for digital commodity trading platforms under the jurisdiction of the Commodity Futures Trading Commission (CFTC).” The bill is supported by lawmakers Austin Scott, Dusty Johnson, Tom Emmer, David Schweikert, and Darren Soto. According to the bill summary provided by Conaway, the legislation aims to “fill in the regulatory gaps” that exist between the CFTC and the U.S. Securities and Exchange Commission (SEC) in digital asset markets, adding: It creates a framework to regulate trading venues which list emerging digital commodities, such as bitcoin, ether, their forks, and other similar digital assets, for public trading. It also provides “a regulated process for presold digital commodities to become publicly available for trading,” the summary document details.