U.S. Senate introduces bill granting CFTC supervisory authority over virtual assets

The U.S. Commodity Futures Trading Commission (CFTC)'s influence related to virtual assets (cryptocurrencies) may be strengthened. A bill to transfer supervisory authority over the virtual asset market from the Securities and Exchange Commission (SEC) to the CFTC was introduced in the Senate.

On the 11th (local time), DL News reported that Senate Agriculture Committee Chairman John Boozman and Senator Cory Booker released a draft bill that defines digital assets as 'commodities (digital commodities)' and gives the CFTC the authority to regulate them.

The bill grants the CFTC powers such as introducing an exchange registration system, strengthening disclosure requirements, and imposing fees on certain transactions. Senator Boozman said, "The appropriate regulator for trading digital commodities is the CFTC, and consumers must be protected through clear rules."

The CFTC has gained the trust of the virtual asset industry in recent years and has emerged as a key regulatory agency even during the Trump administration. Acting CFTC Chair Caroline Pham said, "We will make the United States the world's cryptocurrency capital," and "We are pursuing measures to bring overseas exchanges onshore and to allow stablecoins to be used as collateral."

The draft bill also includes provisions such as expanding CFTC staffing and establishing bipartisan balance.