However, there is no unified federal regime for cryptocurrency exchanges that trade as digital products.
To create one, Congress must pass legislation that clearly defines the term digital commodity and creates a jurisdiction for the Commodity Futures Trading Commission CFTC to oversee national digital commodity exchanges. Recent bipartisan bills addressing the issue suggest that this achievement may be within reach.
Domestic cryptocurrency exchanges in the United States are regulated at the state level through a patchwork of money transmission laws that overburden businesses and leave consumers unprotected.
The European Union - EU has agreed on text for a unified licensing regime for cryptocurrency exchanges to operate across the EU bloc as part of its Markets in Crypto Assets Regulation -MiCA.
The United States - despite being a traditional world leader in legal frameworks for technological innovation - has not provided the same regulatory clarity.
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