Crypto Rules: A New Plan for Fair Play

The Senate Agriculture Committee has a new plan to make crypto trading fairer. They want to give the Commodity Futures Trading Commission (CFTC) more power. This power would help them oversee parts of the crypto market. The plan is called the “Digital Commodity Intermediaries Act. ” The plan aims to fix common problems in crypto trading. These problems include account freezes, delayed withdrawals, and unclear complaint paths. The CFTC would get a new office to help retail traders. This office would report directly to the CFTC chair. It would also have specific duties to help traders resolve issues.The plan also addresses funding. It suggests that the CFTC should collect fees from registered crypto brokers and exchanges. These fees would help fund the new office. The plan includes an initial $150 million to get things started. The bill also talks about decentralized finance (DeFi). It defines what DeFi is and sets boundaries. The main idea is to ensure that no one else can control user funds or execute transactions. This would shift compliance conversations toward operational facts rather than marketing labels. The success of this plan depends on many factors. It needs political alignment and the ability to hire the right people quickly. The Senate Agriculture Committee will discuss this plan on January 27. The Senate Banking Committee will also have a say in the future.