The U.S. CFTC's cryptocurrency regulatory draft has been uploaded to GitHub, and software developers will not be considered brokers

2022-10-20 11:20:38

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According to ChainCatcher, as reported by CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has uploaded a new draft of the Digital Commodities Consumer Protection Act (DCCPA) regarding the regulation of the crypto industry to GitHub.

The draft indicates that software developers will not be classified as digital commodity brokers. Being classified as a broker comes with specific tax reporting requirements, which software developers cannot meet if they do not centrally manage their platforms. Previous bills had a broad definition of brokers, including node operators and wallet manufacturers, but this bill explicitly excludes these individuals.

Additionally, the draft shows that the CFTC is required to provide a report on the size and protocols of the DeFi market within 180 days of the bill's enactment. It will also mandate the CFTC to liaise with foreign regulators to ensure that U.S. rules are aligned with international regulations. (CoinDesk)

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