Two U.S. senators have proposed a bill, backed by their party, to shift oversight of cryptocurrencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This is a long-awaited step for the industry. The proposal, revealed on Monday, would empower the CFTC to regulate market structure, classify most cryptocurrencies as digital commodities, mandate that companies register certain of their activities, create new disclosure rules, and impose new fees on some transactions. Both the SEC and the CFTC have sought to establish rules for the burgeoning cryptocurrency market, but the industry has been applying pressure...
