House Democrats are reportedly discussing a bill that would broaden Maxine Waters’s Crypto Investor and Consumer Bill of Rights. The proposal could strengthen the SEC’s role, reduce the CFTC’s role and impose stricter rules on crypto exchanges. It would also restore consumer protections through tighter custody requirements, monthly proof-of-reserve attestations, SIPC-like coverage for customer assets, round-the-clock customer service and limits on firms trading with their own customers. Ethics provisions restricting the crypto activities of Donald Trump and other federal officials could also be included. The main dispute is likely to concern decentralized finance, which might have to meet intermediary-style requirements to operate.
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