Regulation of cryptocurrency exchanges in the United States could move to the federal level. A bill to do so was proposed by Representative Mike Conaway.
Draft Bill2 by MichaelPatrickMcSweeney
The Digital Commodity Exchange Act (DCEA) would place cryptocurrency trading platforms on a level with swap venues and futures markets regulated by the Commodity Futures Trading Commission (CFTC). This would remove the need to classify exchanges as money-transmitters.
The proposed law offers a voluntary choice: platforms can be regulated at the state level or within a single national framework at the federal level. However, registering as a DCE would not be sufficient to offer derivatives trading.
Representative Mike Conaway, a Republican, seeks to require exchanges to add assets that are “not easily manipulated.”
Cryptocurrency firms would have the option to obtain the status of a “qualified custodian of digital assets” — for this, the CFTC would set a minimum set of requirements.
Earlier, the Conference of State Bank Supervisors (CSBS) simplified the licensing process for crypto and fintech firms.
Follow ForkLog’s updates on Facebook!