A bill to amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.
Digital Commodities Consumer Protection Act of 2022
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Introduced in Senate
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Committee on Agriculture, Nutrition, and Forestry. Hearings held.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
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