A bipartisan group of D.C-based regulators reportedly rolled out an updated bill on April 28 to subject crypto developers, dealers, exchanges, and stablecoin providers to the CFTC’s oversight. 

Specifically, the Digital Commodity Exchange Act of 2022 (DCEA) was reportedly introduced to Congress again, collaboratively by Republican Representatives Glenn Thompson and Tom Emmer, with backing from Democrat co-sponsors Darren Soto and Ro Khanna.

The updated version reportedly features a part where stablecoin providers are also included, who can complete the registration as a “fixed-value digital commodity operator.” 

It would be made an obligation for these operators to share details of the way the stablecoin functions, keeping records for the regulator, as well as providing data regarding the assets supporting the “fixed-value digital commodity” and the way they’re secured.

According to the information in the last bill, the DCEA would grant authorization to the CFTC, regarding the registration and regulation of crypto exchange entities which have spot trading of crypto commodities available – the ones that enable traders to purchase digital coins at the current price.

The DCEA would reportedly have no effect on the Securities and Exchange Commission’s (SEC) regulatory authority over virtual asset securities services, but rather, complete the classification of cryptocurrencies that are not securities as digital commodities, to be subjected to the regulatory purview of the CFTC.

Crypto exchanges would reportedly be required to also abide by the similar rules of other different commodity providers, regarding the listing of new cryptocurrencies on their platforms. 

Exchanges are obligated to showcase how the crypto is “not readily susceptible to manipulation” via running analysis of its many mechanics, nominally the “purpose, functionality, governance structure, distribution, and participation.”