New US Bill Seeks to Tame Crypto Wild West with Comprehensive Regulations!
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Introducing the BRIDGE Digital Assets Act: Transforming Crypto Regulation in the U.S.
Congressman John Rose from Tennessee has put forth a significant legislative initiative known as the “BRIDGE Digital Assets Act,” which seeks to reshape the regulatory framework surrounding cryptocurrency assets in America.The Formation of a Joint Advisory Committee
This act proposes establishing a Joint Advisory Committee that will include representatives from both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The goal is to reconcile existing regulatory discrepancies between these two agencies regarding digital assets, which often fall under both securities and commodities regulations. Rose emphasizes that relying on a “regulation-by-enforcement” strategy hampers innovation and pushes investments abroad. He advocates for creating an environment conducive to digital asset growth within the United States. 🚨 NEW: I’ve introduced the BRIDGE Digital Assets Act to establish a Joint Advisory Committee on digital assets between @SECgov and @CFTC. The United States must allow digital assets to thrive because heavy-handed regulation isn’t effective. Read more here! — Congressman John Rose (@RepJohnRose)
The Role of the Joint Committee
The proposed committee will consist of at least 20 members from various sectors, including digital asset creators, academic experts, and end-users. Their insights will be invaluable in shaping recommendations related to key aspects such as decentralization, functionality, and security within digital asset regulations. This committee is expected to convene biannually with findings submitted directly to both SEC and CFTC. This collaborative effort aims to bridge existing regulatory gaps while providing clearer guidelines that benefit consumers as well as investors alike.The Current State of Cryptocurrency Market Capitalization
As it stands today, cryptocurrency market capitalization has reached approximately $2.05 trillion. Chart Source: TradingView.comTackling Regulatory Confusion in Crypto Markets
A pivotal aspect of the BRIDGE Digital Assets Act is its focus on addressing current ambiguities within crypto regulation. Both SEC and CFTC have differing interpretations of what constitutes a digital asset; this inconsistency creates confusion among businesses operating in this space.🚨SCOOP: Republican Congressman @RepJohnRose , who serves on @FinancialCmte , has introduced legislation called “BRIDGE Digital Assets Act” aimed at forming an advisory committee between @SECGov AND @CFTC. — Eleanor Terrett (@EleanorTerrett) September 12th , 2024
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