A New Plan Calls for One-Stop Supervision of Digital AssetsThe bill that U.S. Congressman John Rose has put forward would set up a Joint Advisory Committee to help regulate digital assets better. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would work together better on digital assets if this group is made.
The “Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act” bill was introduced on September 12. Its main goal is to make the rules for digital assets more consistent. To do this, it is putting together a team with members from the SEC and CFTC, as well as at least 20 non-government members from the digital asset business, academia, and user groups.
The group will give rules and laws to the two regulatory bodies, with the main goal of making digital assets easier to understand and measure. It will also look into how blockchain technology can make markets work better and protect consumers.
Every committee member must show up at least twice a year and serve a two-year term. The group will not be paid, but they will be reimbursed for travel costs connected to the meeting. The SEC and CFTC have to react to the committee’s suggestions in public within three months.
Rose is a big supporter of the crypto industry. He says that the way crypto is regulated in the U.S. right now is too limiting, which is pushing investment abroad. The new group, in his opinion, will give the government and business an organized way to work together and make the rules for digital assets more effective.
His bill shows that Rose is still in favor of crypto-friendly laws and wants to change how digital assets are regulated in the US.
