Sec. 201. Sense of Congress relating to crypto asset enforcement powers
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/bill/118/s/2281/is/section-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds the following relating to the authority of the Commodity Futures Trading Commission: The Commodity Futures Trading Commission has enforcement tools to ensure compliance with the commodities laws of the United States, which Congress has designed to promote responsible innovation through a principles-based approach and to police fraud, scams, and wrongdoing. The authority of the Commodity Futures Trading Commission described in subparagraph
(A)includes the following: Recommending criminal prosecution to the Department of Justice and State prosecutors for fraud and conspiracy. Bringing civil actions to enjoin violations of this Act and other commodities laws. Seeking civil monetary penalties, disgorgement of benefits, and restitution and freezing assets. Revoking exchange trading privileges, registration, licenses, and other authorizations. Issuing cease and desist orders. Congress has granted the authorities described in this paragraph to the Commodity Futures Trading Commission to— ensure fair and transparent commodities markets with accurate price discovery and appropriate risk management; and facilitate responsible innovation. The Commodity Futures Trading Commission has a duty to use the authorities provided to the Commission to protect all market participants, regardless of sophistication level, from fraud, scams, and wrongdoing relating to crypto assets that are not securities, as defined in this Act, the Commodity Exchange Act ( 7 U.S.C. 1 et seq. ), and case law. Congress finds the following relating to the authority of the Securities and Exchange Commission: The Securities and Exchange Commission has enforcement tools to— ensure compliance with the securities laws of the United States, which have made United States markets the envy of the world; and police fraud, scams, and wrongdoing. The authority of the Securities and Exchange Commission described in subparagraph
(A)includes the following: Recommending criminal proceedings to the Department of Justice or State prosecutors for fraud, investment scams, insider trading, conspiracy, and other violations of the securities laws of the United States. Bringing civil actions to enjoin violations of this Act and the other securities laws. Seeking civil monetary penalties, disgorgement of profits, and restitution. Barring individuals from the securities industry and from serving as an officer or director of a particular company. Revoking registrations, licenses, or other authorizations. Issuing cease and desist orders. Congress has granted the authorities described in this paragraph to the Securities and Exchange Commission to ensure fair, honest, and transparent securities markets that enable robust capital formation and a thriving economy. The Securities and Exchange Commission has a duty to use the authorities provided to the Commission appropriately and proportionately to protect consumers from fraud, scams, and wrongdoing relating to crypto assets that are securities, as defined in this Act, the Securities Act of 1933 ( 15 U.S.C. 77a et seq. ), the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ), and case law, while providing clear guidance to innovators and market participants so that those innovators and market participants are able to clearly determine their legal obligations pursuant to the laws enacted by Congress.
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Sec. 201
Sense of Congress relating to crypto asset enforcement powers
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