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Description

Digital Commodities Consumer Protection Act introduced

On 3 August 2022, the Digital Commodities Consumer Protection Act (S.4760), containing consumer protection regulations relating to digital commodities, was introduced in the United States Senate. The Bill would require all digital commodity platforms, including trading platforms, brokers, and dealers, to register with the Commodity Futures Trading Commission (CFTC). The Digital commodity platforms would also be required to adhere to a number of obligations, including refraining from engaging in abusive trading practices, implementing cybersecurity measures, protecting consumer assets and reporting suspicious transactions. Furthermore, the Bill seeks to provide further transparency and clarity in the digital commodities market by imposing advertising standards and requiring platforms to disclose information about the risks of digital commodities.

Original source

Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2022-08-03
under deliberation

On 3 August 2022, the Digital Commodities Consumer Protection Act (S.4760), containing consumer pro…