Congressman John Rose of Tennessee has introduced a new bill aimed at enhancing collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on cryptocurrency regulation.
Creation of Joint Committee
The legislation, known as the 'BRIDGE Digital Assets Act,' proposes the creation of a Joint Advisory Committee on digital assets. This committee will bring together the SEC and CFTC to develop a unified approach to cryptocurrency regulation.
Objectives and Tasks of the Committee
The proposed committee will include 20 non-governmental stakeholders representing various interests within the cryptocurrency space. These members will provide advice to both agencies on their rules, regulations, and policies relating to crypto. Key responsibilities outlined in the bill include advising on crypto rules and policies, promoting regulatory harmonization between the SEC and CFTC, and exploring methods to measure key aspects of digital assets and leverage blockchain technology to enhance financial market infrastructure.
Industry Response to the New Bill
The new bill has been welcomed by representatives of the crypto industry, who view it as a step towards clearer regulatory guidelines. Current heavy-handed regulation-by-enforcement has been criticized for stifling innovation in the U.S. crypto sector. Rose stated that the committee aims to create a more collaborative approach to crypto governance, fostering a successful regulatory landscape for the industry.
Congressman John Rose's proposed bill aims to develop a more collaborative and flexible approach to cryptocurrency regulation, promoting the successful advancement of the crypto space in the United States.
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