The US Congress Will Consider a Bill to Oversee Crypto Exchanges
A group of members of the U.S. House of Representatives introduced a draft Digital Commodity Exchange Act (DCEA) of 2022 that establishes direct oversight of certain types of crypto transactions and exchanges under the direction of the Commodity Futures Trading Commission (CFTC).
The bill transfers the authority to regulate issuers of digital goods and their trade, transferred to the competence of the CFTC. And the Securities and Exchange Commission (SEC) will continue to oversee tokens with securities properties.
According to the law, a digital good is any form of interchangeable intangible personal property that can be exclusively owned and transferred from person to person without the need to rely on an intermediary.
The definition does not include references to stocks, debt instruments, and securities in general, to avoid overlapping with the scope of the SEC.
Digital goods can only be traded on a CFTC-registered platform, which must comply with certain requirements, including holding and protecting assets with qualified custodians and preventing the mixing of client and corporate funds.