All related cryptocurrency assets are now under the supervision of the Commodity Futures Trading Commission (CFTC).
It follows the introduction of a bill by the United States (US) Senate that sees the need for derivatives regulation of Bitcoin (BTC) and Ethereum (ETH) including any other crypto product.
The move, introduced by Democrats and Republicans on the Senate Agriculture Committee, means that crypto assets are now categorized as commodities.
This means that a company that provides a crypto platform must register with the CFTC including brokers and digital currency exchanges.
It is explained that the registration is necessary to maintain fair prices, prevent market manipulation, avoid conflicts of interest and maintain 'adequate financial resources'.
Comment Sen. Debbie Stabenow and Sen. John Boozman, this will provide the clarity the crypto market needs by placing most of its policies under one regulator.
Generally, the bill joins a growing list of legislation involving string cryptocurrencies since the collapse of Terra Luna and the USDC earlier this year.
In the meantime, Stabenow explained that the bill is not intended to cover the entire crypto market or affect the ability of the Securities Commission (SEC) and the Exchange to supervise it.
