A long over-due Bill has been introduced again, that would direct the SEC and CFTC to jointly monitor the crypto-asset industry in the United States. And if it’s successfully passed, then this move will change the course of entire crypto history as we know it. The Senate on the House of Representatives Financial Services Committee has filed legislation that, a digital asset working group is led by a pair of key U.S. regulators. The Legislation has been introduced by Reps. Patrick McHenry and Stephen Lynch (D-Mass.) to form the digital asset working group.
The bill aims to bring clarification around crypto-industry regulations by eliminating the barriers to the Innovation Act of 2021.
Bill to Monitor Crypto Industry
Introduced this week, the bill demands the two leading agencies, Commodity Futures Trading Commission (CFTC) and Security and Exchange Commission (SEC), to establish a working group. The agencies that oversee digital asset markets in the U.S. along with the key industry group are targeted.
Amy Kim, the chief policy officer at Chamber of Digital Commerce said;
“As other countries continue to lead in the rapidly growing digital asset industry, now is the time for the United States to build and maintain clear and uniform regulatory framework across agencies to position this industry for success in the coming decades.”
Eliminate Barriers to Innovation Act of 2021 is introduced by some Congress members leaving no choice to do anything. The Act needs industry representatives and key stakeholders to work cooperatively for a period of a year to resolve regulatory issues that surround digital assets.
Bill Directs SEC and CFTC Collaboration to Keep a Close Watch
The group involves equal representation from both the organizations. Also, the representatives from the financial service institutions, fintech companies, small business or entrepreneur, investor protection groups are also involved.
The legislation asks the working group to report to relevant congressional committees and both agencies. The documentation includes recommendations to improve transparency, availability, efficiency, and efficacy of primary and secondary markets in digital assets and customer protection.
The group is answerable about the comprehensive analysis of components in various countries. Advocacy regarding establishing protocols concerning custody, private key management, cybersecurity, and business continuity is also included.