Tuesday August 30, 2022 – The battle for control of the Digital Asset marketplace is fully engaged. The question “will the US Government control cryptocurrency and other digital assets” has been answered. Yes.
The new question is “Which government regulatory agency will win the battle of funding – and with funding, control – of the digital market place.
The battle lines are drawn – Recently, a bill was introduced in the United States Senate, Digital Commodities Consumer Protection Act of 2022. That bill “[g]rants the Commodity Futures Trading Commission (“Commission”) exclusive jurisdiction over digital commodity trades, except for transactions in which a merchant or consumer is using a digital commodity solely for the purchase or sale of a good or service.”
Meanwhile, Gary Gensler, the Chairman of the Securities and Exchange Commission, has staked a claim for the SEC to take the lead regulatory role in controlling the cryptocurrency and digital asset marketplace. The winning agency will be showered with funding – and power – to direct the future of the United States economy.
Attorney Steven A. Leahy exposes the battle that is now underway on Today’s Tax Team.