Recent events regarding FTX and other failed crypto enterprises amplify the need for the 118th Congress to take action by passing legislation to provide holistic federal oversight of the virtual currency market.
This includes regulating market participants that engage in a virtual currency business from the US or with US persons.
The Commodity Futures Trading Commission should be appointed the federal regulator responsible for overseeing this industry. The CFTC already has express authority under law to prosecute malfeasance in connection with transactions involving any commodity in interstate commerce, including virtual currencies.
And such a lead role for the CFTC was contemplated by three legislative proposals introduced on a bipartisan basis in Congress last year.
Source: It’s Time for Congress to Pass a Federal Virtual Currency Law
