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Developers Excluded From Broker Label in New DCCPA Bill Draft

Stakeholders say that this latest draft of the bill tempers language that would be detrimental to DeFi.

By Sam Reynolds
Updated May 9, 2023, 4:00 a.m. Published Oct 20, 2022, 2:50 a.m.
(Mark Van Scyoc/Shutterstock)
(Mark Van Scyoc/Shutterstock)

A new draft of the Digital Commodities Consumer Protection Act (DCCPA), which the Commodities Futures Trading Commission (CFTC) would use to regulate the industry, has been uploaded to GitHub, and many crypto stakeholders are relieved.

  • New language added to the bill would specifically exclude software developers from being counted as digital commodity brokers.
  • Being classified as a broker would entail specific tax reporting requirements, which software developers would not be able to do without centralized management of their platforms.
  • “This version contains a limited exception to the term 'digital commodity trading facility' which would exclude persons who solely develop or publish software – this could be a boon to DeFi/crypto,” crypto attorney Gabriel Shapiro tweeted.
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  • Previous bills have defined broker broadly to include node operators and wallet manufacturers, which this bill specifically excludes.
  • The draft also includes new language that would order the CFTC to provide a report on the decentralized finance (DeFi) market size and protocols within 180 days of the enactment of the bill. It would also order the CFTC to liaise with foreign regulators to ensure that U.S. rules harmonize with international regulations.

Decentralized FinanceDeFiCFTCRegulation

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Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks

By Will Canny, AI Boost|Edited by Sheldon Reback
18 hours ago
Computer monitors and a laptop screen show trading charts on a desk overlooking an expanse of water at sunset. (sergeitokmakov/Pixabay, modified by CoinDesk)

The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.

What to know:

  • Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
  • The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
  • The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.

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