A newly introduced bill aims to create a joint committee of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to study digital assets.
Rep. John Rose, a member of the House Financial Services Committee, introduced legislation on Thursday called the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets, or “BRIDGE” Digital Assets Act. Fox Business reporter Eleanor Terrett previously said: Reported news.
“The current coercive and regulatory enforcement approach is not working and instead is driving investment in this key innovation from overseas.”“The Tennessee Republican congressman said in a statement:The Joint Advisory Committee on Digital Assets will provide a framework for government and private sector partners to collaborate on the path to success in the regulatory environment for digital assets and private sector participants.”
Both the SEC and CFTC have filed charges against large cryptocurrency companies over the years. The two agencies also disagree on some cryptocurrency-related issues, including the need for legislation and how to classify some cryptocurrencies, such as Ether.
Rose said the purpose of the committee is to provide advice to the SEC and CFTC on rules and regulations related to cryptocurrencies. According to the statement, the committee will include 20 “non-government stakeholders representing a variety of interests in the digital asset space,” and will serve a two-year term and meet at least twice a year.
The committee will also look at decentralization and ways to increase the efficiency of financial markets while focusing on consumer protection. Committee members should include issuers and users of digital assets. Invoice Text.
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About the Author
Sarah is a reporter covering policy, regulation, and legal issues for The Block. Previously, Sarah was a securities regulation reporter at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for other financial publications, including The Bond Buyer and American Banker. She graduated from the University of Missouri with a degree in print and digital journalism. Sarah lives in Washington, D.C., and is an avid coffee drinker. You can follow her on Twitter @ForTheWynn.