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Digital Commodities Consumer Protection Act
The Digital Commodities Consumer Protection Act (DCCPA) is a proposed United States federal law to regulate the trading of cryptocurrencies and related digital assets. It would place the regulation of crypto assets under the authority of the Commodity Futures Trading Commission, which already regulates the trading of financial derivatives in the United States. The proposed law has bipartisan support. Legislators sponsoring the DCCPA include senators Cory Booker, John Boozman, Debbie Stabenow and John Thune. The former FTX CEO Sam Bankman-Fried pushed for crypto regulation via the DCCPA by extensively lobbying Congress, which was perceived as being favorable to FTX but harmful to the broader industry, especially its decentralized finance Decentralized finance (often stylized as DeFi) offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. DeFi platforms allow people to lend or borrow f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill (law)
A bill is proposed legislation under consideration by a legislature. A bill does not become law until it is passed by the legislature as well as, in most cases, approved by the executive. Once a bill has been enacted into law, it is called an '' act of the legislature'', or a ''statute''. Bills are introduced in the legislature and are discussed, debated and voted upon. Usage The word ''bill'' is primarily used in Anglophone United Kingdom and United States, the parts of a bill are known as ''clauses'', until it has become an act of parliament, from which time the parts of the law are known as ''sections''. In Napoleonic law nations (including France, Belgium, Luxembourg, Spain and Portugal), a proposed law may be known as a "law project" (Fr. ''projet de loi''), which is a government-introduced bill, or a "law proposition" (Fr. ''proposition de loi''), a private member's bill. For example the Dutch parliamentary system does not make this terminological distinction (''wetsontw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrencies
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities. Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense, and while varying treatments have been applied to them, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a disti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options. The Commodity Exchange Act (CEA), ''et seq.'', prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. After the financial crisis of 2007–08 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, the CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion dollar swaps market. History Futures contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under federal regulation since the 1920s. The Grain Futures Act of 1922 set the basic authority and was changed by the Commo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Derivatives
In finance, a derivative is a contract that ''derives'' its value from the performance of an underlying entity. This underlying entity can be an asset, index, or interest rate, and is often simply called the "underlying". Derivatives can be used for a number of purposes, including insuring against price movements ( hedging), increasing exposure to price movements for speculation, or getting access to otherwise hard-to-trade assets or markets. Some of the more common derivatives include forwards, futures, options, swaps, and variations of these such as synthetic collateralized debt obligations and credit default swaps. Most derivatives are traded over-the-counter (off-exchange) or on an exchange such as the Chicago Mercantile Exchange, while most insurance contracts have developed into a separate industry. In the United States, after the financial crisis of 2007–2009, there has been increased pressure to move derivatives to trade on exchanges. Derivatives are one of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cory Booker
Cory Anthony Booker (born April 27, 1969) is an American politician and attorney who has served as the junior United States senator from New Jersey since 2013. A member of the Democratic Party, Booker is the first African-American U.S. senator from New Jersey. He was the 38th mayor of Newark from 2006 to 2013, and served on the Municipal Council of Newark for the Central Ward from 1998 to 2002. Booker was born in Washington, D.C., and raised in Harrington Park, New Jersey. He attended Stanford University, receiving a BA in 1991 and a master's degree a year later. He attended Queen's College, Oxford on a Rhodes Scholarship before attending Yale Law School. He won an upset victory for a seat on the Municipal Council of Newark in 1998, staging a 10-day hunger strike and briefly living in a tent to draw attention to urban development issues in the city. He ran for mayor in 2002 but lost to incumbent Sharpe James. He ran again in 2006 and defeated Deputy Mayor Ronald Ric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Boozman
John Nichols Boozman ( ; born December 10, 1950) is an American politician and former optometrist serving as the senior United States senator from Arkansas, a seat he has held since 2011. A member of the Republican Party, he was the U.S. representative for from 2001 to 2011. He is the dean of Arkansas's congressional delegation. Boozman was born in Shreveport, Louisiana, where his father was stationed with the U.S. Air Force, but the family eventually returned to Fort Smith, Arkansas, where he was raised. He is the brother of the late state senator Fay Boozman. He attended the University of Arkansas, where he played football for the Arkansas Razorbacks, and later graduated from the Southern College of Optometry. He co-founded a private optometry clinic in 1977 and worked as a volunteer optometrist for low-income families. He won a special election in 2001 to the U.S. House of Representatives, where he served as assistant majority whip and sat on the Republican Policy Committe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debbie Stabenow
Deborah Ann Stabenow ( ; née Greer, born April 29, 1950) is an American politician serving as the senior United States senator from Michigan, a seat she has held since 2001. A member of the Democratic Party, she became the state's first female U.S. senator after defeating Republican incumbent Spencer Abraham in the 2000 election. Before her election to the Senate, she was a member of the U.S. House of Representatives, representing Michigan's 8th congressional district from 1997 to 2001. Previously she served on the Ingham County Board of Commissioners and in the Michigan State Legislature. Stabenow was reelected to Senate in 2006, 2012 and 2018. She became the state's senior U.S. senator upon Carl Levin's retirement in 2015. Stabenow chaired the Senate Agriculture Committee from 2011 to 2015 and again since 2021. She became chair of the Senate Democratic Policy Committee in 2017. At the start of the 118th Congress, Stabenow will become the dean of the Michigan congressi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Thune
John Randolph Thune ( ; born January 7, 1961) is an American politician and businessman serving as the senior United States senator from South Dakota, a seat he has held since 2005, and as the Senate minority whip since 2021. A member of the Republican Party, Thune served as the U.S. representative for from 1997 to 2003. Thune has worked in politics and civic organizations since completing his MBA degree. He is known for his defeat of sitting Senate Democratic Leader Tom Daschle in 2004. In the U.S. Senate, Thune served as the Republican chief deputy whip from 2007 to 2009 and chaired the Senate Republican Policy Committee from 2009 to 2012. He served as the Senate Republican Conference chair, the third-ranking position in the Senate, from 2012 to 2019. The Senate Republican Conference selected Thune as majority whip for the 116th Congress; he succeeded Senator John Cornyn of Texas, who was term-limited in the position. In 2020, he was chosen as minority whip for the 117th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FTX (company)
FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange") is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume. FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents. Since 11 November 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system. Public concern began when a November 2022 ''CoinDesk'' article stated that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token (FTT). Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a spike in customer withdrawals from FTX. FTX was unable to meet the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sam Bankman-Fried
Samuel Benjamin Bankman-Fried (born March 6, 1992), also known by the initialism SBF, is an American suspected fraudster, entrepreneur, investor, and former billionaire. Bankman-Fried was the founder and CEO of the cryptocurrency exchange FTX and associated trading firm Alameda Research, both of which experienced a high-profile collapse resulting in chapter 11 bankruptcy in late 2022. Prior to FTX's collapse, Bankman-Fried was ranked the 41st richest American in the ''Forbes 400'', and the 60th richest person in world by ''The World's Billionaires''. His net worth peaked at $26 billion. By November 11, 2022, amid the bankruptcy of FTX, the ''Bloomberg Billionaires Index'' considered his net worth to have been reduced to zero. Before his wealth had evaporated, Bankman-Fried was a major donor to political campaigns, donating mostly to Democratic candidates (while unverifiably claiming to have channeled "dark money" to Republican candidates) and claimed that he planned to spend p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decentralized Finance
Decentralized finance (often stylized as DeFi) offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks. Some applications promote high interest rates but are subject to high risk. History Decentralized exchanges (abbreviated DEXs) are alternative payment ecosystems with new protocols for financial transactions that emerged within the framework of decentralized finance, which is part of blockchain technology and FinTech. CEXs, DEXs and DEX aggregators are all built on the multi-layered DeFi architecture or components, where each layer serves a well-defined purpose. (See Figure: ''Multi-layered Architecture o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Protection Legislation
A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Consumer rights “Consumers, by definition, include us all," said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech : John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading informat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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