The US will consider a law that could seriously complicate the work of cryptocurrency exchanges

The Senate Agriculture Committee is preparing hearings on a bill that would radically change the regulation of cryptocurrency exchanges, according to several sources with knowledge of the matter.

The bill under consideration is the Digital Commodity Consumer Protection Act, which, if passed and signed into law, would establish a mandatory regime for cryptocurrency exchanges that would be required to report to the Commodity Futures Trading Commission (CFTC).

The committee is currently scheduling a hearing for mid-September, with three sources citing the 15th as a likely date.

Experts note that given the midterm elections to be held in November, the chances of the bill being passed in the current session of Congress are slim.

Currently, cryptocurrency exchanges operating in the United States do not report to a federal trade regulator, instead relying on a combination of state money transmitter licensing regimes and disclosing certain information to federal anti-money laundering authorities.