CFTC Poised To Become Regulator of Bitcoin and Ether 

According to a September 15, 2022 press release by the Commodity Futures Trading Commission (CFTC), at the September 15 legislative hearing to review The Digital Consumer Protection Act, CFTC Chairman Rostin Benham stated that the “CFTC’s expertise and experience make it the right regulator for the digital asset commodity market.” If the Act is passed, Bitcoin and Ether regulation would fit squarely within the CFTC’s purview. According to the Act, if passed, exchanges that allow parties to trade Bitcoin and Ether would have to  register with the CFTC. 

In August 2022, senators introduced the Digital Consumer Protection Act. If passed, the Act  would give the CFTC oversight of Bitcoin and Etherium, and “new tools and authorities to regulate digital commodities,” a press release by the U.S. Senate Committee on Agriculture, Nutrition, and Forestry states. Currently, Bitcoin is considered to be a commodity by the CFTC, as stated in its Customer Advisory. Regarding its present oversight of cryptocurrency, The CFTC clarified in its 2020 Virtual Currency Monitoring Report that its jurisdiction is implicated when a virtual currency is used in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce. 

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