Digital Commodities Consumer Protection Act of 2022

Senate Bill 4760 - Digital Commodities Consumer Protection Act of 2022: Overview, Status, and Impact

Hozzl · 2024-03-13T06:54:31Z

Explore the details of Senate Bill 4760 Digital Commodities Consumer Protection Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/13/2024, 6:54 AM

Congressional Summary of S 4760

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.

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Current Status of Bill S 4760

Bill S 4760 is currently in the status of Bill Introduced since August 3, 2022. Bill S 4760 was introduced during Congress 117 and was introduced to the Senate on August 3, 2022. Bill S 4760's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of September 15, 2022

Bipartisan Support of Bill S 4760

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4760

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Banking and financial institutions regulation

- Commodities markets

- Commodity Futures Trading Commission

- Computers and information technology

- Consumer affairs

- Currency

- Digital media

Alternate Title(s) of Bill S 4760

Digital Commodities Consumer Protection Act of 2022

A bill to amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.