The Commodity Futures Trading Commission would take the leading role in overseeing the two largest cryptocurrencies and the platforms where they are traded under a new bill from Sens. Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.), the Washington Post reported. Oversight of the remaining cryptocurrencies would be divided between the CFTC and the Securities and Exchange Commission, though the process for making those determinations is not yet clear. The two agencies have been jockeying for more authority over digital assets, contributing to confusion in Washington over how to classify and regulate cryptocurrencies and the economy that has sprung up around them. The bill aims to provide some clarity by deeming as commodities both bitcoin and ethereum, which together account for roughly two-thirds of the cryptocurrency market. That would subject bitcoin and ethereum to regulation by the CFTC, which already oversees futures markets for both. And online platforms that allow investors to trade the digital tokens, such as Coinbase, would be required to register with the agency.
