AUGUST 3, 2022 UPDATE:
WASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress. Lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry. A proposal Wednesday (Aug. 3, 2022) from Democratic Sen. Debbie Stabenow of Michigan and Republican Sen. John Boozman of Arkansas would hand the regulatory authority over Bitcoin and Ether to the Commodities Futures Trading Commission. Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the Securities and Exchange Commission.
AUGUST 3, 2022:
WASHINGTON (AP) — A bipartisan group of senators has proposed a bill to regulate cryptocurrencies. It’s the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked recently by collapsing prices and lenders halting operations. Senate Agriculture Committee chair Debbie Stabenow and member John Boozman on Wednesday (Aug. 3, 2022) proposed regulations that would authorize the Commodities Futures Trading Commission to be the default regulator for cryptocurrencies. That’s in contrast with other bills that have proposed giving the authority to the Securities and Exchange Commission. Co-sponsor John Thune says it’s critical that the commission “has the proper tools to regulate this growing market.”
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