THELOGICALINDIAN - Lawmakers in the US accept alien the Digital Commodity Exchange Act of 2024 to actualize a distinct civic authoritative framework for cryptocurrency trading platforms including those that barter bitcoin ether their forks and added cryptocurrencies On the aforementioned day the Securities Clarity Act was additionally introduced
Digital Commodity Exchange Act of 2024
The bill advantaged “Digital Article Exchange Act of 2020 (DCEA)” was alien by U.S. Abode Agriculture Committee Ranking Member Michael Conaway on Thursday. He explained that the proposed legislation “creates a single, opt-in civic authoritative framework for agenda article trading platforms beneath the administration of the Article Futures Trading Commission (CFTC).” The bill is accurate by assembly Austin Scott, Dusty Johnson, Tom Emmer, David Schweikert, and Darren Soto.
According to the bill arbitrary provided by Conaway, the legislation aims to “fill in the authoritative gaps” that abide amid the CFTC and the U.S. Securities and Exchange Commission (SEC) in agenda asset markets, adding:
It additionally provides “a adapted action for presold agenda bolt to become about accessible for trading,” the arbitrary certificate details.
Under the proposal, a registered Agenda Commodity Exchange (DCE) would be accountable to CFTC blank and regulations, including the “monitoring of trading activity, prohibition of calumniating trading practices, minimum basic requirements, accessible advertisement of trading information, conflicts of interest, babyminding standards, cybersecurity, and more. Exchanges would additionally be accountable to limitations on which agenda bolt they would be acceptable to action for trading.”
Conaway added that “Digital article trading platforms are currently appropriate to accede with a complicated coil of 53 accompaniment and area authoritative frameworks, adverse the adeptness for newcomers to access the market.”
“Registration with the CFTC would accroach the absolute state-based money transmitter licensing administration trading venues are currently subjected to,” the arbitrary continues, abacus that the accepted arrangement is “not fit-for-purpose back activated to a atom trading market.” In addition, the certificate states that “The accepted administration is cumbersome, acute abstracted licensing in anniversary alone accompaniment of operation, and insufficient, declining to accommodate blank of the trading and bazaar activities that action on the platform,” emphasizing:
Furthermore, a registered DCE would be appropriate to authority customers’ cryptocurrencies in a Qualified Digital Commodity Custodian that is adapted by a state, federal, or all-embracing cyberbanking regulator. The regulator charge appoint at atomic the minimum standards set by the CFTC for the article to be “qualified.” The abounding Digital Commodity Exchange Act of 2020 bill can be begin here.
A additional cryptocurrency-related bill was additionally alien on Thursday. Congressman Tom Emmer alien the Securities Clarity Act “to accommodate a aisle to authoritative authoritativeness for agenda assets and added arising technologies beneath balance law,” he announced. In March, U.S. assembly alien the Cryptocurrency Act of 2020.
What do you anticipate about the Digital Commodity Exchange Act of 2024? Let us apperceive in the comments area below.
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