Draft CFTC crypto regulation uploaded to GitHub, software developers will not be considered brokers

On October 20th, CoinDesk reported that a new draft of the US Commodity Futures Trading Commission's (CFTC) Digital Goods Consumer Protection Act (DCCPA), which regulates the crypto industry, has been uploaded to GitHub. The draft shows that software developers will not be treated as digital goods brokers. Being classified as a broker will have specific tax reporting requirements, which software developers cannot do if they do not centrally manage their platforms. The previous bill had defined brokers broadly to include node operators and wallet manufacturers, which the bill explicitly excluded. In addition, the draft shows that the CFTC is required to provide a report on the DeFi market size and agreements within 180 days of enactment of the Act; The CFTC is also required to liaise with foreign regulators to ensure that US rules are consistent with international regulations.