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⚖️ Coinbase 'Very Supportive' of Giving CFTC Exclusive Jurisdiction Over Bitcoin, Ethereum ⚖️
Coinbase Head of U.S. Policy Kara Calvert says the exchange is supportive of two bills in Congress that would allow the CFTC to take the reins on crypto regulation.
October 04, 2022
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Talk of crypto policy in the U.S. tends to revolve around rumblings from the Securities and Exchange Commission and taxes.

But there are two bills in Congress that have largely flown under the radar, at least for people outside the policy wonk crowd. They would decisively give the Commodities Futures Trading Commission more power. What's more, they got a hearty endorsement from Coinbase Head of U.S. Policy Kara Calvert.

We’re very supportive of two efforts, one in the House, one in the Senate, that would provide spot authority to the CFTC. That’s by Senators Stabenow and Boozman, and Representatives Thompson and Khanna in the House," Calvert toldDecryptduring an interview at the Messari Mainnet conference in New York.

Having spot authority would mean that the CFTC oversees real time trading on crypto exchanges, like when someone buys Bitcoin with U.S. dollars or swaps Ethereum for a token on Coinbase or FTX.

The CFTC already shares regulatory oversight of derivative products, like futures, with the SEC.

Futures are a type of investment product that allows traders to bet on whether an asset’s price will go up or down at a later date. And they’ve becomeincreasingly popularwith crypto investors. In fact, crypto exchangesCrypto.com,Coinbase,andFTXhave all been vocal each time they acquired companies with existing CFTC licenses.

The distinction between spot and futures trading—and which regulator has jurisdiction over them—has been an important one.

As recently as yesterday, SEC Chair Gary Genslermade the casethat the vast majority of crypto assets qualify as securities and that exchanges should have to register with the SEC.

“Given that most crypto tokens are securities, it follows that many crypto intermediaries are transacting in securities and have to register with the Securities and Exchange Commission (SEC) in some capacity,” he said in a statement before the Financial Stability Oversight Council meeting.

He later added that there’s a possibility “crypto intermediaries,” like exchanges, may need to register with both the SEC and CFTC. But the two bills that Calvert flagged both specify that the CFTC would have exclusive jurisdiction over “digital commodities.”

"Those bills are trying to get to the heart of, what is a non-security and how do we regulate that in a smart way that allows for innovation,” Calvert said.

There’s been much hand wringing in crypto over the so-called Howey Test, a four-pronged assessment that regulators and courts use to decide whether an asset qualifies as a security under U.S. federal law.Over the summer, in a complaint against a former Coinbase employee accused ofinsider trading, the SEC revealed that it believes at leastnine assets that were trading on Coinbaseare unregistered securities, which would mean that both Coinbase and the issuers of the assets could be in violation of federal law.

Sens. Debbie Stabenow (D-MI) and John Boozman (R-AR) introduced theirDigital Commodities Consumer Protection Act of 2022in August. The bill very pointedly calls Bitcoin and Ethereum "digital commodities," as opposed to securities, and says that the CFTC would have exclusive jurisdiction over them.

Following the introduction of the bill,The Washington Postreported Boozman said on a press call that he’s heard from the crypto industry that they “almost universally” prefer to be regulated by the CFTC.

The bill also says that the CFTC’s jurisdiction would not include crypto transactions for goods and services, like using Bitcoin to buy a cup of coffee. Stabenow and Boozman’s bill was last discussed in the Senate agriculture and banking committees on September 15, but there have been no amendments or new versions filed.

In the House of Representatives, Reps. Ro Khanna (D-CA), Glenn Thompson (R-PA), Tom Emmer (R-MN) and Darren Soto (D-FL) have a similar bill pending, theDigital Commodity Exchange Act of 2022. It was introduced in April, then referred to the Subcommittee on Commodity Exchanges in early May.

The House bill, like its counterpart in the Senate, would update the Commodity Exchange Act to define digital commodities as "any form or fungible intangible personal property that can be exclusively possessed and transferred person to person without necessarily reliance on an intermediary" and give the CFTC sole jurisdiction over their regulation.

Blockchain Association Executive Director Kristin Smith said she's also keeping tabs on the two bills that would clarify the CFTC's role in regulating crypto.

“The commodities spot market, there's a lot of work going on behind the scenes right now,” Smith toldDecryptduring the Mainnet conference.

She’s more optimistic about theTRUST Act, introduced in March by Sen. Pat Toomey (R-Pa.), which would set up rules for stablecoin issuers.

“The stablecoin one is looking really good,” Smith said.

Thebrief text of the billwould require centralized issuers, such as Tether and Circle, to back their stablecoins with fiat currency or high-quality government securities that mature in 12 months or less. It also requires issuers to publish reports on their reserves every 30 days.So far, there's been no further action on the stablecoin bill.

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Interview With Ken “KC” Chapman Head Of XDC Institutional 👀
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👀 Something Historic Just Happened In Colombia

Something historic just happened in Colombia.
An object was recovered, a metallic sphere that defies explanation.

Now it’s the center of an international investigation involving U.S. congressmen, physicists, and Dr. Steven Greer.

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👉 At first, it weighed 2kg, then 6kg and then 10kg.

The same object, no external changes and weight fluctuations recorded live.

What kind of material behaves like this?

The sphere doesn’t emit radiation, but it does mess with electronics.

People near it reported metallic taste, nausea, and phones going haywire. David Vélez wore an anti-static suit just to touch it.

Not exactly your average scrap metal.

A second sphere showed up in Jumbo, caught on camera by a separate witness.

Same shape, movement, and equatorial line.
Italy’s top UAP analysts reviewed the footage.
The metadata was untouched, it wasn't CGI, it’s real.

Inside the Buga Sphere scientists discovered:

🔹Fused polymers
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"The World Order That We Are Coming Into"

If XRP is the neutral bridge for all sovereign currencies, stablecoins, and tokenized assets, then it’s not just facilitating payments, it’s capturing all that value at every level. From smart contracts to tokenized treasuries and digitized assets, XRP forms the foundation and backbone for everything in between.

With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

~The Black Swan Capitalist

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👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

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💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
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💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
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🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
AUDD now live on Hedera 🚀

AUDD now live on Hedera Hashgragh –the first commercial rollout of the Hedera Stablecoin Studio!

•Real-time AUD transfers
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Learn more: https://www.audd.digital/audd-launches-on-hedera/?s=09

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🚀 HUGE XRP NEWS!

🚀 HUGE NEWS! The ECB’s official doc reveals XRP Ledger as the tech backbone for Axiology’s DLT! 💥 XRP is powering the future of finance! 🌟

https://www.ecb.europa.eu/pub/pdf/annex/ecb.exploratoryworknewtechnologies202506_annex02.cs.pdf?93d7398bed92845d9685a9d6ee83fa66=&s=09

😯Jim Cramer Says Bullish 📉

Have your dry powder ready!

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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