Digital Commodity Consumer Protection: New Rules for Cryptocurrencies
This act introduces new regulations for the digital commodity market, such as cryptocurrencies (e.g., Bitcoin, Ether), under the oversight of the Commodity Futures Trading Commission (CFTC). Its aim is to enhance consumer protection by mandating registration and operational standards for companies involved in trading, custody, and brokerage of digital commodities. Citizens will benefit from increased security and transparency in the cryptocurrency market, while businesses will need to comply with new obligations.
Key points
The Commodity Futures Trading Commission (CFTC) gains exclusive jurisdiction over digital commodity trades, establishing unified rules for cryptocurrencies.
Companies involved in trading, custody, and brokerage of digital commodities (referred to as digital commodity platforms) will be required to register and adhere to new standards, including risk management and customer asset protection rules.
Requirements for price transparency, prevention of market manipulation, and customer data protection are introduced to enhance the security of cryptocurrency investments.
The act mandates digital commodity platforms to provide customer education and outreach, and to report on energy consumption related to cryptocurrencies.
Anti-money laundering rules will be extended to digital commodity platforms, increasing financial security and regulatory compliance.
Expired
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