New crypto oversight legislation is being proposed

ST. LOUIS – A new bipartisan bill would police the two largest cryptocurrencies.

The bill would authorize oversight of Bitcoin and Ether to the Commodity Futures Trading Commission. Under the proposal, all cryptocurrency platforms including dealers and traders would be required to register.

Other proposals suggest assigning the power to the Securities and Exchange Commission. Crypto investors have seen prices drop this year.

Federal regulators have accused some firms of running illegal security exchanges.