The Senate proposes a bill to regulate Bitcoin and Ethereum under CFTC

The two largest cryptocurrencies are soon to be regulated by The Commodity Futures Trading Commission (CFTC), along with the exchanges and platforms on which they’re traded.

The US Senate Agriculture Committee has proposed a bill to help regulate digital currencies as commodities, as reported by Wall Street Journal.

For the past years, crypto adoption is speedingly taking place around the world, with the US being one of the largest populations in the crypto community.

However, with popularity, many scams, fraud schemes, hacks, and rugpulls have been reported to the US regulators, which has caused a big concern in the country.

On Wednesday, the leaders of the Senate Agriculture Committee, which regulates CFTC, Sens. Debbie Stabenow and John Boozman, co-sponsored by Sens. Cory Booker (D-N.J.) and John Thune, proposed a bill to recognize Bitcoin and Ethereum as commodities and the crypto firms connected to be regulated under the CFTC.

As crypto slowly becomes part of the traditional financial industry, the investors need more regulatory laws to ensure whatever they invest is safe.

Although CFTC and SEC are already regulating most of the global crypto companies, this bill officially establishes the rule by law.

The chair of the Senate, Stabenow said that the regulation is essential to ensure accountability and transparency in the crypto market.   “…we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.”