Political Quotes

“Madam Chair, I commend the gentleman from Pennsylvania for his thoughtful and forward-looking amendment. I think it is important that we set the record straight. This amendment would not, as some have alleged, strip the CFTC of all of its spot market regulatory authority. All of the antifraud and antimanipulation powers that they currently hold would remain in place. This sense of Congress simply makes it clear that, within FIT21, it does not provide the CFTC with grand new authorities over non-digital asset spot markets. I think it is important we do that. There are clear and important differences between the traditional spot markets for commodities. Think about people buying and selling barrels of oil. That is not something everyday Americans are doing, but we do have everyday Americans engaged in the spot market for digital assets. Also, with regard to digital asset commodities, we also have a number of intermediaries that would be interacting with these retail consumers. Some of those intermediaries would certainly hold the cash of consumers, either pending or after a trade. That is an important situation that we need to protect for that is not exactly like that in the traditional commodity markets--different marketplace, different threats, different set of tools. As chair of the Commodity Markets, Digital Assets, and Rural Development Subcommittee, I want to make it clear that I support the gentleman's amendment.…”