New Bill Seeks Collaboration Between SEC and CFTC on Digital Assets
The proposed legislation would establish a Joint Advisory Committee (JAC) on digital assets, bringing together the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to collaborate on regulations
A U.S. congressman has introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Act), aimed at improving collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital asset regulations. The bill proposes forming a Joint Advisory Committee to unite both agencies and private sector stakeholders to create a balanced regulatory framework. Rose criticized current enforcement practices for pushing investment overseas and emphasized the need for cooperative regulation to foster growth in the digital asset industry.
Lawmaker Introduces BRIDGE Act to Foster Digital Asset Regulation
U.S. Representative John Rose (R-TN) introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Act) on Thursday. The proposed legislation would establish a Joint Advisory Committee (JAC) on digital assets, bringing together the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to collaborate on regulations.
“The United States must provide a future where digital assets can thrive,” said Rep. Rose. He criticized the current regulatory environment, stating:
The current heavy-handed, regulation-by-enforcement approach isn’t working and is instead encouraging investment in this key innovation overseas.
He emphasized that the JAC would create a platform for the government and private sector to collaborate on crafting a successful regulatory framework. Rose believes this cooperation is essential for advancing 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,” the lawmaker detailed.
The JAC will consist of 20 members representing diverse interests in the digital asset space. According to the lawmaker:
The purpose of this JAC would be to provide both the SEC and the CFTC with advice on their respective rules, regulations, and policies related to digital assets.
Each regulatory body will appoint 10 members, who will serve two-year terms and meet at least twice annually. Members will not be compensated, although travel costs may be reimbursed. The advisory body is designed to persist as long as necessary to address evolving issues in the digital asset industry.
