FTX CEO Supports Bill to Transfer Crypto Market Control to CFTC

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Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, has praised the bill submitted to the US Congress to empower the Commodity Futures Trading Commission (CFTC) to regulate the cryptocurrency market.

He has said:

“It will provide clear federal oversight of commodity markets for digital assets, strengthening liquidity and creating barriers for unscrupulous participants in the ecosystem.”

Bankman-Fried has noted the bill complements previous initiatives by Cynthia Lummis and Kirsten Gillibrand, as well as Ro Hannah.

The Digital Consumer Protection Act was drafted by Senators Debbie Stabenow, John Boozman, Corey Booker, and John Toon. It obliges firms that offer trading in digital assets to register with the CFTC.