Leadership of the Senate Agriculture Committee last week called for more federal oversight of cryptocurrency exchanges.
The comments come as cryptocurrency exchange FTX collapsed last week, and a collapse of cryptocurrency prices. The Senate Agriculture Committee has jurisdiction over the Commodity Futures Trading Commission.
Chair Debbie Stabenow, a Michigan Democrat, says, “Consumers continue to be harmed by the lack of transparency and accountability in this market. Ranking Republican from Arkansas, John Boozman, says, “The events that have transpired reinforce the clear need for greater federal oversight of the digital asset industry.” Boozman adds, “While our legislative work continues, the Commodity Futures Trading Commission already has the ability to regulate and prosecute fraud, manipulation and abuse. I strongly encourage them to actively exercise those authorities when necessary.”
The Digital Commodities Consumer Protection Act of 2022, sponsored by Stabenow, would amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market.