TechFlow, Nov 11 — According to Decrypt, Senate Agriculture Committee Chair John Boozman and Senator Cory Booker released a bipartisan discussion draft granting the Commodity Futures Trading Commission (CFTC) clear regulatory authority over spot markets for digital commodities.
The proposal requires major cryptocurrency spot platforms to register with the CFTC and implement anti-fraud measures, recordkeeping, fund segregation, and dispute resolution mechanisms. Brokers and dealers would follow separate registration rules. The draft explicitly protects self-custody wallet rights, allowing individuals to directly hold and transact digital assets via hardware or software wallets.
The draft defines digital commodities as "any fungible digital asset that can be individually held and transferred peer-to-peer without intermediaries, recorded on a cryptographically secured public distributed ledger." The bill would take effect 270 days after enactment, with a transition period. The timeline for Senate passage remains uncertain.
