Possible Rewrite: Proposed Legislation May Require SEC and CFTC Collaboration for Efficient Crypto Regulation

KEY POINTS

Rep. Rose emphasizes the need for a Joint Advisory Committee to establish a regulatory framework for digital assets, criticizing the current enforcement-first approach as ineffective. The proposed BRIDGE Digital Assets Act aims to promote cooperation between the SEC and CFTC, addressing their jurisdictional disputes.

A new legislation, the BRIDGE Digital Assets Act, introduced by Rep. John Rose, seeks to create a Joint Advisory Committee on Digital Assets to promote regulatory harmonization between the SEC and CFTC.

The Committee will advise both regulators on digital asset rules and policies, exploring aspects of blockchain and cryptocurrency to enhance regulatory clarity.

The bill outlines the structure and membership of the joint Committee, including appointees from the SEC and CFTC, as well as representatives from academia, digital asset issuers, and users.

Rep. Rose believes the Committee will facilitate collaboration between government and private sector stakeholders, paving the way for a more conducive regulatory environment for digital assets.

While some in the crypto community are optimistic about the potential impact of the bill, there are concerns about the SEC’s willingness to cooperate, with doubts raised regarding Chairman Gary Gensler’s involvement.

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