FIT21 provides the CFTC with exclusive jurisdiction over digital commodity spot market transactions that occur on or through entities registered with CFTC. FIT21 does not provide CFTC with the authority to directly regulate any transaction between two people which is not intermediated by an entity registered with the CFTC. Separate from FIT21, CFTC has existing authority to police spot market commodities for fraud and market manipulation, which FIT21 does not change.
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