U.S Senate introduces bill to give crypto reins to CFTC

The U.S senate has introduced a bill that would make the Commodity Futures Trading Commission (CFTC) the direct regulator of cryptocurrencies.

The bill was introduced by the top Democrat and Republican on the Senate Agriculture Committee.

The bill would give the derivatives regulator jurisdiction over bitcoin and ether as well as any other crypto products that are determined to be commodities.

The bill will require companies providing crypto platforms to register with the CFTC, including brokers, custodians and exchanges.

Sponsors of the bill including Senate Agriculture Committee Chairwoman Debbie Stabenow and Sen. John Boozman.

Stabenow told said the bill is not intended to cover the entire cryptocurrency market, or undermine the ability of the Securities and Exchange Commission to police crypto products.