The proposed crypto market structure bill is becoming clearer, revealing that the CFTC will have more authority over crypto than the SEC. ProCap BTC’s Jeff Park sees this alignment as beneficial, stating that treating crypto as a commodity is consistent with the global market. The bill aims to encourage innovation in the industry, especially in DeFi protocols.

US Senators Boozman and Booker have introduced a draft of crypto market structure laws, emphasizing the importance of clear regulations to protect consumers while fostering innovation in the emerging crypto market. Park believes this clarity will pave the way for more innovative projects like DeFi protocols. Speculation surrounds who will lead the CFTC long-term, with Michael Selig set to face questioning for the chair nomination.

CFTC acting Chair Caroline Pham has been the sole commissioner since September. The industry awaits the outcome of Selig’s nomination to lead the agency. The proposed bill aims to provide regulatory clarity for spot digital commodity trading, signaling a new era of oversight in the US crypto market.

Read more at Cointelegraph: CFTC Crypto Oversight Is ‘Directionally Correct,’ Says Jeff Park