Tennessee Rep. John Rose introduces bill to create joint advisory committee on cryptos by REGINA LISSELL critical The U.S. Representative John Rose from Tennessee has just introduced a new act to deal with crypto law reforms at the federal level. This proposed “Bridge Digital Assets Act” intends to form a joint advisory committee between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.
The bill is expected to mend the difference between the two regulatory bodies and provide clarity in respect of the fast-growing digital asset industry. The committee shall be composed of 20 private-sector members, including digital asset issuers, academic researchers, and users.
A Single Regulatory Framework for Cryptos
The joint advisory committee will, for the first time, provide a clear path forward in the regulation of digital assets and will finally remove much of the uncertainty that has plagued the industries covered under the jurisdictions of both the SEC and CFTC. “Rather than a collaborative approach, the current heavy-handed, regulation-by-enforcement methodology stifles innovation here in the United States’ crypto market, forcing companies to take their business-and jobs-abroad”, added Rose.
“The United States has to let digital assets flourish, and this cannot happen as long as the heavy-handed, regulation-by-enforcement approach continues”, Rose said in a post on X, formerly known as Twitter.
Closing the Gaps in Digital Asset Laws
The Bridge Digital Assets Act answers the increasing call for clarity on murkiness in cryptocurrency regulation. The oft-in-conflict SEC and CFTC usually take a different view on the same cryptos, with the SEC taking them to be securities and the CFTC taking them as commodities.
The proposed advisory committee will help iron out these conflicting views and provide a road map for the regulatory future of digital assets. Additionally, the committee shall explore ways of enhancing consumer protection, improving financial transparency, and reducing transaction costs apart from just definition clarification.
Industry-Government Collaboration
The bill is seen as a major step toward shared middle ground between regulatory agencies and the private sector. Rose argued that the U.S. needs to foster an environment in which regulation enables innovation yet also protects investors and consumers. The committee will be responsible for recommendations at least semiannually to both the SEC and CFTC.
“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 said.
A Step Toward Regulatory Clarity
The bill comes at a time when tensions are high between crypto companies and US regulators, and when international competition is on the rise in crypto markets. Many such players are now looking at overseas markets as uncertainty continues to prevail over US crypto regulation, while Rose’s proposed legislation may buck that trend by making the environment more hospitable for digital asset innovation stateside.
