Today, Rep. Glenn “GT” Thompson (R-PA), Republican Leader of the House Agriculture Committee, Rep. Ro Khanna (D-CA), Rep. Tom Emmer (R-MN), and Rep. Darren Soto (D-FL) issued the following statements after introducing H.R. 7614, the Digital Commodity Exchange Act of 2022 (DCEA). With jurisdiction over commodity markets, the House Agriculture Committee is uniquely positioned to play a significant role in digital asset markets in the United States. The DCEA establishes effective oversight of digital commodity markets without diminishing the innovation and creativity that has established the United States as a global leader in this field.
"As digital assets continue to grow in use and importance throughout the world, it is critical Congress take legislative action to promote sensible regulation and define how these markets should be regulated. Today’s legislation is a culmination of years of work to define a framework that fosters innovation, protects consumers, and reduces regulatory uncertainty," said Republican Leader Thompson. "Closing the spot-market gap is an essential piece of the regulatory puzzle, but more work remains. I look forward to working with my colleagues to bring greater clarity to crypto users and creators and I hope to see it move through the legislative process promptly."
"To foster American innovation and tech job growth, Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protections, transparency, and accountability," said Rep. Khanna. "This bipartisan bill will create a regulatory framework for these emerging technologies and keep us competitive with the rest of the world."
"I am proud to support Ranking Member Thompson's Digital Commodity Exchange Act. The bipartisan support this bill and my Securities Clarity Act received from my colleagues, Rep. Soto and Rep. Khanna, demonstrates our joint commitment to formulate a sensible framework for digital asset markets," said Rep. Emmer. "The Securities Clarity Act and the Digital Commodities Exchange Act work together to provide the regulatory clarity necessary to keep crypto innovation in the United States."
"Regulatory clarity is critical for digital commodity markets to promote innovation and consumer protection. Innovators are spending up to fifty percent of start-up costs on legal fees because of the current regulatory ambiguity between what is a security and what is a commodity," said Rep. Soto. "That’s why the Digital Commodity Exchange Act will provide the necessary consumer protections, responsible federal oversight and regulatory clarity for all participating in digital commodity markets."
The Digital Commodity Exchange Act:
- Provides regulatory oversight for spot digital commodity exchanges, market intermediaries, and stablecoin providers
- Builds on existing frameworks in existing commodities law
- Complements the work of regulators, including the SEC’s investor protection activities
To view the full bill text, click here.
To view a summary, click here.
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