As a seasoned analyst with over two decades of experience navigating the intricate world of finance and technology, I find the recent legislative efforts in Washington regarding cryptocurrencies not only promising but also long overdue.
On Capitol Hill, a fresh cryptocurrency proposal aims to divide regulatory authority between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), two powerful regulatory bodies.
Representative John Rose of Tennessee has proposed a bill named Bridging Regulation and Innovation for Global Digital and Electronic Assets (BRIDGE Act). This legislation aims to create a Joint Advisory Committee, bringing together professionals from both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to focus on understanding and regulating cryptocurrencies.
As per Representative Rose, the present “strict” approach of regulation through enforcement has not yielded positive results. Instead of competing for supervision, the SEC and CFTC could collaborate with private entities to establish a regulatory structure for digital assets.
Under the BRIDGE Digital Assets Act, there’s a proposal to add 20 individuals from outside government who are active in the cryptocurrency industry to an advisory committee. This group would meet at least twice a year and serve for terms of two years each. Representative Rose also suggested investigating ways that decentralized technology could enhance traditional financial systems while ensuring the security of investors.
Washington interested in crypto laws
The BRIDGE Digital Assets Act represents another effort by U.S. legislators to establish consistent guidelines for the intricate world of cryptocurrencies. Back in May, a bipartisan bill was approved in the House of Representatives, which assigns regulatory responsibilities to both the SEC and the CFTC.
The White House voiced opposition to the Financial Innovation and Technology for the 21st Century Act, labeling it as such, yet expressed readiness for dialogue regarding FIT 21 and related legislations concerning digital assets.
As a researcher, I’ve observed that both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have taken legal action against prominent figures in the cryptocurrency sector on numerous occasions. However, it’s important to note that these two regulatory bodies have differing perspectives when it comes to how digital assets should be classified and regulated.
The digital currency Ethereum (ETH) showcases varying perspectives among regulatory bodies. SEC Chairman Gary Gensler has been evasive when questioned whether Ether qualifies as a security or a commodity like Bitcoin (BTC). In contrast, Rostin Behnam, Chair of the CFTC, has clearly stated that Ethereum is a commodity and should be governed by the CFTC.
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2024-09-12 22:54