Digital Commodities Consumer Protection Act of 2022
Summary
Digital Commodities Consumer Protection Act of 2022
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
Timeline
- Sep 15, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Sep 15, 2022Committee on Agriculture, Nutrition, and Forestry. Hearings held. Hearings printed: S.Hrg. 117-609.
- Aug 3, 2022Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
- Aug 3, 2022Introduced in Senate
Cosponsors
In the News
- Congress, Trump could both get behind step to cut housing costs - The Guam Daily Post
- UNIDROIT adopts Principles On Digital Assets And Pri... - Dechert
- Trump’s Policies Would’ve Banned Most Legal Immigrants Since 1965—23 Million - Cato Institute
- House GOP Proposes Largest Restriction on Legal Immigrants Since the 1920s - Cato Institute
Contact your representatives about this bill in under 2 minutes.
📬 Contact Your Reps →