US passes first major national crypto legislation

The United States has passed the first major national cryptocurrency legislation, a significant milestone for the once-fringe industry. The legislation, known as the Digital Commodities Consumer Protection Act (DCCPA), aims to regulate the cryptocurrency market and provide greater protections for investors. The DCCPA grants the Commodity Futures Trading Commission (CFTC) the authority to oversee and regulate the crypto spot market, which has largely been unregulated until now. This move is intended to bring more transparency and accountability to the industry, which has faced numerous scandals and concerns over consumer protection. The passage of this legislation marks the crypto industry's growing influence in Washington, as it continues to expand its presence and seek greater legitimacy. While the details of the legislation are still being finalized, it is seen as a step towards a more comprehensive regulatory framework for the cryptocurrency market in the United States.