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Digital Commodities Consumer Protection Act of 2022

USA117th CongressS-4760| Senate 
| Updated: 9/15/2022
Debbie Stabenow

Debbie Stabenow

Democratic Senator

Michigan

Cosponsors (6)
Joni Ernst (Republican)Kirsten E. Gillibrand (Democratic)Ben Ray Luján (Democratic)John Boozman (Republican)John Thune (Republican)Cory A. Booker (Democratic)

Agriculture, Nutrition, and Forestry Committee, Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline
Aug 3, 2022
Introduced in Senate
Aug 3, 2022
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 15, 2022
Committee on Agriculture, Nutrition, and Forestry. Hearings held.
Sep 15, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Nov 1, 2022

Latest Companion Bill Action

HR 117-8730
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • August 3, 2022
    Introduced in Senate


  • August 3, 2022
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 15, 2022
    Committee on Agriculture, Nutrition, and Forestry. Hearings held.


  • September 15, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • November 1, 2022

    Latest Companion Bill Action

    HR 117-8730
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Finance and Financial Sector

Related Bills

  • HR 117-8950: Digital Commodities Consumer Protection Act of 2022
  • HR 117-8730: Digital Commodities Consumer Protection Act of 2022
Banking and financial institutions regulationCommodities marketsCommodity Futures Trading CommissionComputers and information technologyConsumer affairsCurrencyDigital media

Digital Commodities Consumer Protection Act of 2022

USA117th CongressS-4760| Senate 
| Updated: 9/15/2022
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Aug 3, 2022
Introduced in Senate
Aug 3, 2022
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 15, 2022
Committee on Agriculture, Nutrition, and Forestry. Hearings held.
Sep 15, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Nov 1, 2022

Latest Companion Bill Action

HR 117-8730
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
  • August 3, 2022
    Introduced in Senate


  • August 3, 2022
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • September 15, 2022
    Committee on Agriculture, Nutrition, and Forestry. Hearings held.


  • September 15, 2022
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • November 1, 2022

    Latest Companion Bill Action

    HR 117-8730
    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Debbie Stabenow

Debbie Stabenow

Democratic Senator

Michigan

Cosponsors (6)
Joni Ernst (Republican)Kirsten E. Gillibrand (Democratic)Ben Ray Luján (Democratic)John Boozman (Republican)John Thune (Republican)Cory A. Booker (Democratic)

Agriculture, Nutrition, and Forestry Committee, Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 117-8950: Digital Commodities Consumer Protection Act of 2022
  • HR 117-8730: Digital Commodities Consumer Protection Act of 2022
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Banking and financial institutions regulationCommodities marketsCommodity Futures Trading CommissionComputers and information technologyConsumer affairsCurrencyDigital media