The United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) might get along better if they talked more. At least, that is what John Rose, House of Representatives member from Tennessee and Financial Services Committee member, hopes. He introduced a bill on Sept. 12 to create a joint advisory committee on digital assets between the agencies.
The Joint Advisory Committee on Digital Assets would be created under Rose’s bill titled ‘‘Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act.’’
Committee would give industry, users a voice
Rose’s bill would create a joint committee that would provide advice to the agencies, further law harmonization, “examine and disseminate methods for describing, measuring, and quantifying digital asset[s]” and examine ways digital assets and blockchain can improve efficiency and consumer protection in financial markets.
The committee would be made up of at least 20 nongovernmental members representing the digital asset industry, digital asset users and academics. The agencies would have a single representative each. The agencies would be required to respond publicly to the committee’s recommendations.
Committee members would serve for two years and meet at least twice a year.
Crypto has a friend in Rose
Rose said in a statement provided to Cointelegraph that the United States’ current regulation-by-enforcement approach to digital assets encourages investment in them overseas. He added:
“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.”
Rose received an “A” rating from the Coinbase-backed Stand with Crypto political action committee. He voted in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21). He also supported the House Joint Resolution on overturning the SEC’s Staff Accounting Bulletin 121 and the failed attempt to override the president’s veto of it. He was a co-sponsor of the CBDC Anti-Surveillance State Act.
