Digital Commodities Consumer Protection Act of 2022
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 22, 2022)
Digital Commodities Consumer Protection Act of 2022
This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred person-to-person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.
What just happenedOct 28, 2022
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Who’s behind it
- Introduced in HouseSep 22, 2022
- Oct 28, 2022Committee
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Commodity Markets, Digital Assets, and Rural Development Subcommittee - Sep 22, 2022IntroReferralH11100
Referred to the House Committee on Agriculture.
Agriculture Committee - Sep 22, 2022IntroReferralIntro-H
Introduced in House
- Sep 22, 2022IntroReferral1000
Introduced in House