This bill amends federal commodity trading law to ban cryptocurrency platforms owned or controlled by designated foreign adversaries from operating in the United States. Specifically, the Commodity Futures Trading Commission (CFTC) cannot register or must revoke the registration of any digital commodity platform owned in whole or in part by entities from China, Russia, Iran, North Korea, Cuba, or Venezuela. The legislation defines "digital commodity platforms" broadly to include cryptocurrency exchanges, custodians, brokers, and dealers, while excluding companies that merely validate transactions. The bill affects cryptocurrency businesses that accept U.S. customers and the CFTC, which oversees these markets, but includes no new funding or specific implementation timeline beyond requiring the CFTC to enforce the prohibition going forward. The intent is to prevent foreign adversary control over U.S. digital asset markets for national security reasons.
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