Senate Plan Would Put Bitcoin, Ether Under Commodity Regulator’s Watch

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WASHINGTON—Leaders of a Senate committee are set to suggest laws that will assign oversight of the 2 largest cryptocurrencies, bitcoin and ether, to the federal company that regulates milk futures and interest-rate swaps.

Senate Agriculture Committee Chairwoman Debbie Stabenow (D., Mich.) and top-ranking Republican John Boozman of Arkansas, are planning to introduce a invoice Wednesday that will empower the Commodity Futures Buying and selling Fee to control spot markets for digital commodities, a newly created asset class. At present the CFTC has authority to police derivatives, corresponding to futures and swaps, quite than underlying commodities.

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