The new project will attempt to provide a comprehensive approach to the treatment of these assets, which will bring greater clarity to companies and organizations interested in trading with those assets.
The US Congress will soon sanction a bill that will delegate to the Commodity Futures Trading Commission (CFTC) part of the responsibility for monitoring cryptocurrency markets, specifically that of derivatives.
As such, this new bill clarifies that the CFTC “will adopt rules that detail the content and availability of commercial data, operators and any other information that the trade board must be able to access, in relation to the backed contract markets for digital assets ».
In this regard, the representative to the US Congress, Sean Patrick Maloney, indicated:
“It is time for Congress to become intelligent with regard to cryptocurrencies and create a comprehensive approach to regulate these assets. This provision is an essential first step in our efforts to close the gap in the regulation of crypto assets in the derivatives market. , fight manipulation and detect fraud. “
According to the representative Maloney, this would be the first legislation on crypto derivatives in the history of the country to reach the respective committee, which will give a much better adjusted approach to the legal treatment of digital currencies and their associated products.
One aspect seen among US regulatory entities is the difficulty in adopting a comprehensive approach, since each organization manages a different perspective on crypto assets, which makes it difficult for stakeholders to operate within this market.
Perhaps the great dilemma present between the different organisms has to do with the definition under which they should be classified. In the case of the CFTC, the president of the entity, Heath Tarbet, said that both Bitcoin and Ether are considered a commodity (Commodity), which opens up possibilities for the trade of these assets between the different markets such as the futures. Tarbet also assured that if there is another cryptocurrency with similar properties, the most logical thing would be that it falls within the same definition.
However, the US Securities and Exchange Commission (SEC) raises more dilemmas in relation to these assets, since discussions within the organization seek to clarify whether digital currencies, according to their properties and associated markets should considered as a value or not, which results in inconveniences for companies interested in trading with these assets.
Of course, this first bill with a comprehensive approach between Congress and the CFTC could be a first step to align criteria, and thus offer a much clearer approach to digital currencies and the commercial possibilities that open these assets.