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U.S. lawmakers release a new discussion draft on encryption industry regulation, clarifying the division of authority between the SEC and CFTC.
According to the Gate.io News bot, The Block reported that Republican members of the U.S. House Financial Services Committee and the Agriculture Committee have jointly released a new discussion draft on the regulation of the encryption industry. This discussion draft expands on the FIT21 Act and clarifies the regulatory responsibilities of the SEC and CFTC.
The discussion draft establishes registration procedures for digital commodity exchanges and specifies information disclosure requirements. In addition, the discussion draft sets up two regulatory channels: one is the project financing path under SEC regulation, and the other is the digital commodity trading registration mechanism under CFTC regulation.