Odaily News Coinbase Chief Policy Officer Faryar Shirzad has drafted a two-page proposal urging the U.S. Congress to act quickly to introduce regulatory clarity and consumer protections for cryptocurrency users. Shirzad outlined six legislative priorities, including granting the CFTC full cryptocurrency spot market authority.
Shirzad wrote: "Digital assets such as Bitcoin and Ethereum are commodities, not securities. Legislation must empower the CFTC to oversee the cryptocurrency spot market, ensure transparency and protect consumers from fraud and manipulation." Although the move would significantly weaken the SEC's regulatory authority over digital assets, Shirzad said the agency still has an important role to play.
It said Congress must "enact the SEC's fundraising rules" to provide developers with "a clear way to raise funds for blockchain projects without treating every token as a security." (Cointelegraph)