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Bill proposes SEC and CFTC joint committee for digital assets

Bill proposes SEC and CFTC joint committee for digital assets

GrafaGrafa2024/09/13 03:45
By:Mahathir Bayena

U.S. Congressman John Rose has introduced a bill to create a Joint Advisory Committee on Digital Assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

The proposed committee aims to foster better cooperation between the two regulatory agencies and to provide a platform for industry stakeholders and users to have a voice in shaping digital asset regulations.

The bill, titled the ‘‘Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act,’’ was introduced on September 12. 

It seeks to harmonise laws related to digital assets, examine methods for describing and measuring these assets, and explore ways in which digital assets and blockchain technology can enhance efficiency and consumer protection in financial markets.

The proposed committee would consist of at least 20 non-governmental members representing the digital asset industry, users, and academics, along with one representative from each agency. 

The committee would be responsible for providing advice to the SEC and CFTC, and both agencies would be required to publicly respond to the committee’s recommendations. 

Committee members would serve for two-year terms and meet at least twice annually.

Rose emphasised the need for a collaborative approach between the government and private sector in developing a successful regulatory framework for digital assets. 

"The Joint Advisory Committee on Digital Assets will provide a framework for the government and private sector partners to cooperate on a path toward success for the regulatory landscape of digital assets and private sector participants," he stated.

Rose has been a strong advocate for the crypto industry, receiving an “A” rating from the Coinbase-backed Stand with Crypto political action committee. 

He has supported several legislative efforts, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and the CBDC Anti-Surveillance State Act.

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