The bill introduced by Reps. Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa., would more clearly define the SEC and CFTC's spheres of influence.
Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa. introduced a bill that proposes a more clear delineation of authority between the SEC and the CFTC on crypto issues.
It would provide a pathway to registration and explicitly allow crypto securities to be traded on alternative trading systems, both under the SEC's purview.Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C.
The discussion draft was co-authored by Reps. Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa., and would grant the Commodity Futures Trading Commission explicit spot market authority over crypto commodities under existing law.
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