Digital Commodity Exchange Act of 2022

12/29/2022, 11:18 PM

Summary of Bill HR 7614

Bill 117 HR 7614, also known as the Digital Commodity Exchange Act of 2022, is a piece of legislation introduced in the US Congress. The purpose of this bill is to regulate digital commodity exchanges, which are platforms where individuals can buy and sell digital assets such as cryptocurrencies.

The bill aims to establish a regulatory framework for digital commodity exchanges to ensure transparency, security, and consumer protection. It requires these exchanges to register with the Commodity Futures Trading Commission (CFTC) and comply with certain reporting and disclosure requirements.

Additionally, the bill seeks to prevent fraud and manipulation in the digital asset market by giving the CFTC the authority to investigate and take enforcement actions against exchanges that engage in illegal activities. Overall, the Digital Commodity Exchange Act of 2022 is designed to bring oversight and regulation to the growing digital asset market, providing a level of protection for investors and promoting the integrity of the market.

Congressional Summary of HR 7614

Digital Commodity Exchange Act of 2022

This bill allows for the regulation and registration of digital commodity exchanges subject to oversight by the Commodity Futures Trading Commission. The bill establishes the conditions for the sale of digital commodities, the registration of exchanges, and sets forth other requirements.

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Current Status of Bill HR 7614

Bill HR 7614 is currently in the status of Bill Introduced since April 28, 2022. Bill HR 7614 was introduced during Congress 117 and was introduced to the House on April 28, 2022.  Bill HR 7614's most recent activity was Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. as of May 5, 2022

Bipartisan Support of Bill HR 7614

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
12
Democrat Cosponsors
6
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7614

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 7614

Digital Commodity Exchange Act of 2022Digital Commodity Exchange Act of 2022To provide for orderly and secure digital commodity exchange markets, and for other purposes.
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Comments

Sponsors and Cosponsors of HR 7614

R
Glenn Thompson
Pennsylvania(Republican)
R
Darren Soto
Florida(Democrat)
R
Eric Swalwell
California(Democrat)
R
Ro Khanna
California(Democrat)
R
Tom Emmer
Minnesota(Republican)

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