Earlier this week, it was reported that a bipartisan group of US Senators had developed legislation aimed at providing greater regulatory clarity regarding crypto in the US. Senators from the Senate Agriculture Committee joined to craft a bill that gave the Commodity Futures Trading Commission (CFTC) oversight of Bitcoin and Ethereum, and other digital asset commodities. CI has received multiple positive comments on the bill, which also garnered vocal support from several CFTC Commissioners.
Matt Senter, CTO & co-founder of Lolli, a Bitcoin rewards app, shared the following statement.
“The prospect of reasonable and fair crypto regulation has been long welcomed by many players in the industry, promising greater stability, increased investor confidence, and liquidity in the crypto markets. The recent bipartisan legislation proposed by Senators Boozeman and Stabenow, which would give the CFTC oversight over crypto commodities such as Bitcoin, may create innovation-friendly federal oversight as well as consumer protections.”
Senter added that the current crypto bear market was the result of an “oversaturated market where scores of different cryptocurrencies emerged, pumped on nothing but hype, and ultimately collapsed, creating unwarranted trepidation towards the likes of Bitcoin.”
“…the most well-established cryptocurrency that has subsequently remained resilient in the face of the market downturn,” said Senter, pointing at BTC.
He added that:
“…in order to ensure the longevity and health of the crypto ecosystem, and in order for legitimate businesses to grow and adequately plan for the future, the industry needs regulatory guardrails in place. The bill’s stated mission of closing regulatory gaps that disadvantage investors while acknowledging bitcoin’s goal of creating accessibility in our financial system indicates its intent to facilitate mainstream adoption of bitcoin. The proposed user-based fees to fund the CFTC’s oversight notwithstanding, this is good for Bitcoin.”