U.S. Senators propose cryptocurrency bill draft giving CFTC regulatory authority.

Two senators in the United States have proposed a bipartisan bill to transfer regulatory authority over cryptocurrency from the U.S. Securities and Exchange Commission to the Commodity Futures Trading Commission - the industry has long favored this move. Republican John Boozman, from Arkansas and chairman of the Senate Agriculture Committee, and Democrat Cory Booker from New Jersey, announced the proposal on Monday. According to the draft of the bill, the CFTC would be given the power to: regulate market structure, classify most cryptocurrencies as digital commodities, require companies to register certain activities, establish new disclosure rules, and levy new fees on some transactions.