A new bill by the Senate Committee on Agriculture gives a definition on “digital commodity” with the Commodities Futures Trading Commission (CFTC) to have jurisdiction over the crypto spot market.
“The bill defines digital commodities (DCs) as fungible digital property that can be transferred without an intermediary. It excludes tokens representing interest in a physical commodity, securities, CBDCs, or any token that the CFTC says is not a DC,” says Kevin Batteh who describes himself as a Blockchain Lobbyist.
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