Senator Debbie Stabenow, Chair of the Senate Agriculture Committee, announced plans to introduce new legislation for overseeing the cryptocurrency market. However, Senator John Boozman, the committee’s senior Republican, stated that feedback indicates the industry does not support this proposal. Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), urged Congress to act swiftly to address regulatory gaps, warning that inaction could harm investors and the U.S.’s competitiveness. Stabenow and Boozman have long worked on legislation granting the CFTC authority to regulate digital asset spot markets. However, with limited time left in the congressional term and November elections approaching, legislative focus may shift.
Source: coindesk.com
