Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight
— Lummis, Bill, Oversight, Cftc, Investors, Overhaul, Gillibrand, Commodities, Regulatory, Asset, Assets, Legislation, Treat, Digital, Crypto, Securities, Bipartisan — 1 min read
Sens. Kirsten Gillibrand and Cynthia Lummis introduce a bill aimed at taming the "Wild West" crypto market. With few exceptions, the bill designates digital currencies as "ancillary assets," or intangible, fungible assets. Those ancillary assets would be treated like commodities under U.S. law and fall under the jurisdiction of the CFTC. The bill is the culmination of months of collaboration in the House and Senate and represents a critical first attempt to structure the markets for digital assets with long-awaited legal definitions. Lawyer: The bill will "provide clarity to both industry and regulators, while also maintaining the flexibility" Source