A bipartisan group of Congress members introduced legislation last week that seeks to enhance the oversight of digital commodity markets.
The Digital Commodity Exchange Act of 2022 (DCEA), H.R. 7614, would provide regulatory oversight for spot digital commodity exchanges, market intermediaries, and stablecoin providers. It would build on existing frameworks in existing commodities law and complement the work of regulators, including the Securities and Exchange Commission (SEC).
“To foster American innovation and tech job growth, Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protections, transparency, and accountability,” Rep. Ro Khanna (D-CA), one of the bill’s sponsors, said. “This bipartisan bill will create a regulatory framework for these emerging technologies and keep us competitive with the rest of the world.”
The legislation was also sponsored by Rep. Glenn ‘GT’ Thompson (R-PA), Republican Leader of the House Agriculture Committee, and Reps. Tom Emmer (R-MN) and Darren Soto (D-FL).
“As digital assets continue to grow in use and importance throughout the world, it is critical Congress take legislative action to promote sensible regulation and define how these markets should be regulated. Today’s legislation is a culmination of years of work to define a framework that fosters innovation, protects consumers, and reduces regulatory uncertainty,” Thompson said. “Closing the spot-market gap is an essential piece of the regulatory puzzle, but more work remains. I look forward to working with my colleagues to bring greater clarity to crypto users and creators and I hope to see it move through the legislative process promptly.”