Senate Bill Would Give CFTC “Exclusive Oversight” Of Bitcoin And Ethereum
You’re safe to bet that goverment’s involvment with anything is destined to be bad from jump street:
Senate Bill Would Give CFTC ‘Exclusive Oversight’ of Bitcoin and Ethereum
A bill introduced by a Senate committee would grant the Commodity Futures Trading Commission “exclusive oversight” over what it defines as a “digital commodity.”
..Finally, the CFTC would study the racial, ethnic, and gender demographics of those engaged in digital commodity markets as customers, with the goal of funding education and outreach programs, under the proposed legislation.
Peter Van Valkenburgh, director of research at the industry think tank Coin Center, expressed overall support for the legislation but detailed caveats for some definitions possibly too broad, according a post on Coin Center’s website. Valkenburgh wrote, “By and large we appreciate the goal of the legislation.”
Benefits of the bill, he wrote, would be a more streamlined system of money transmission regulations than the current state-by-state patchwork system. Additionally, there would be more protections for consumers, and the SEC would see less pressure to regulate exchanges that aren’t trading securities.
The think tank didn’t approve of the legislation’s proposed definition of a digital commodities dealer, stating it “appears to include persons who are merely buying and selling cryptocurrencies for their own account.”
Also, Coin Center’s statement notes, it doesn’t seem fair to make individuals writing or publishing software register with the CFTC, along with those relaying or validating transactions on networks.
“Mandatory registration of these activities would not only crush the innovative nature of these technologies with unnecessarily burdensome requirements,” Valkenburgh wrote, “it would also violate our constitutional rights to speech and privacy.”