Coinbase urges Congress to grant CFTC regulatory authority over the cryptocurrency spot market

ChainCatcher news, Coinbase calls on the U.S. Congress to grant the Commodity Futures Trading Commission (CFTC) comprehensive authority to regulate the cryptocurrency spot market and has proposed six legislative priorities. Coinbase's Chief Policy Officer Faryar Shirzad emphasized in the proposal that Bitcoin and Ethereum should be classified as commodities rather than securities, and therefore the CFTC should be responsible for regulating the cryptocurrency spot market to ensure market transparency and prevent fraud and manipulation.

The six core recommendations of the proposal include: clearly defining tokens and trading, granting the CFTC authority to regulate the spot market, establishing SEC capital raising rules, creating a regulatory framework for stablecoins, protecting decentralized finance (DeFi) and digital commerce, and ensuring regulatory clarity for centralized entities.