A bill introduced by US Representative John Rose proposes the creation of a Joint Advisory Committee on Digital Assets to improve collaboration between SEC and CFTC on digital asset regulation.
Joint Committee on Digital Assets
John Rose, a member of the US House of Representatives from Tennessee and a member of the Financial Services Committee, introduced a bill on September 12 aimed at improving collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets. The bill, titled 'Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act,' proposes creating a Joint Advisory Committee on Digital Assets. This committee will include members from the digital asset industry, users, and academic experts, along with representatives from both the SEC and CFTC.
eToro Settles With SEC
In other legal news, eToro has agreed to settle charges with the SEC for operating as an unregistered broker and clearing agency while facilitating trades in crypto assets classified as securities. As part of the settlement, eToro will pay a $1.5 million fine and limit its US operations to just three digital assets: Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). Several legal experts pointed out the significance of eToro's settlement with the SEC, highlighting potential differences in regulators' and courts' views on programmatic trades.
Review of Ryan Salame's Guilty Plea
Former FTX Digital Markets co-CEO Ryan Salame appeared in a New York courtroom on September 12 as part of a hearing where a federal judge considered his motion to vacate a previous guilty plea related to FTX’s collapse. Salame had pleaded guilty to making unlawful political contributions and conspiring to operate an unregistered money-transmitting business. However, he indicated his willingness to testify about an alleged agreement with prosecutors in hearings or the criminal trial of his partner, Michelle Bond, who faces charges of campaign finance law violations.
The latest developments in digital assets and regulation highlight the importance of establishing clear and transparent rules to prevent investment flight overseas and ensure consumer protection.
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