Crypto Bill Condemned by Consumer Advocates in Washington

The wide-ranging crypto bill introduced Tuesday by U.S. Senators Cynthia Lummis and Kirsten Gillibrand didn’t draw any praise from consumer advocate groups.

“The bill gives the industry what it wants most: the Commodities Futures Trading Commission (CFTC) as its primary regulator, even though it exists to police markets where physical producers and purchases of commodities like corn, wheat, oil, natural gas, hogs, and cattle hedge their price risk to facilitate the delivery of everyday goods to the American people,” said Dennis Kelleher, CEO of Better Markets, a Washington-based group that often seeks to counter financial industry lobbying.

Kelleher noted that the crypto industry wants the CFTC as a watchdog because it’s the smallest regulator with the smallest budget.

Source: Crypto Bill Condemned by Consumer Advocates in Washington