Thread by @FilanLaw

#XRPCommunity #XRP via @RonwHammond "House Agriculture Committee ranking member G.T. Thompson (R-Pa.) is linking up with a member of the Congressional Progressive Caucus on a bill that would give the CFTC direct oversight over a huge swath of the crypto spot market.

https://twitter.com/samjsutton/status/1519653055536455680

Rep. Ro Khanna (D-Calif.) . . . signed on to sponsor pending legislation that would clear a path for the CFTC to take jurisdiction over large parts of the crypto marketplace; treating digital exchanges similarly to designated contract markets

and swap execution facilities. The bill is expected to get introduced later today with Rep. Darren Soto (D-Fla.), who like Khanna is a member of the Congressional Blockchain Caucus, attached as a co-sponsor. Thompson and Khanna’s legislation marks

the latest entrant in a series of crypto bills that have been floated as lawmakers and federal agencies hustle to create guardrails around the fast-growing industry. The bill, which is originating in a House Agriculture Committee that has oversight of the CFTC,

adds more fuel to an industry-wide push to give the financial derivatives regulator more sway over an industry that’s been highly critical of the approach taken by SEC Chair Gary Gensler — who’s repeatedly contended that most digital assets could be characterized as securities."

This is where Gensler digs in to protect what he sees as his turf. Controlling the exchanges has always been his hammer to control the crypto space. If he controls the exchanges, he controls what is traded on them. Don't expect anything but a huge fight from him and @SenWarren.