U.S. Legislators drafted new legislation to clarify the crypto regulations and shed light on the benefits of deciding whether the digital property is secure.
Delegates Patrick McHenry (R-N.C), Stephen Lynch (D-Mass), Glenn Thompson (R-PA), Ted Budd (R-N.C.), and Warren Davidson (R-Ohio) called for “removal of barriers to the 2021 Innovation Act.” this Tuesday.
U.S. Securities and Exchange Commission (SEC) views on cryptocurrencies. The purpose of the law is to establish the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC oversees assets classified as securities, while the CFTC handles the goods and the commodities.
The bill would create a working group to assess the legal and regulatory frameworks that would help to govern the digital assets in the U.S.
The committee is planned to be formed within 90 days of the bill being passed. The committee will include industry experts from the SEC and CFTC, as well as NGO representatives from organizations and organizations involved in financial services and financial technology.
The Group formed would subsequently analyze the current crypto regulations and submit a report within a year on how the current legal action will affect the markets and the competitive position of the country.
It would also make recommendations and ideas to improve the integrity and effectiveness of primary and secondary digital property markets.
The move comes amid calls for clear crypto controls. SEC Commissioner Hester Pierce has been at the forefront of regulatory clarity as institutional interest in Bitcoin (BTC) and enabling other cryptocurrencies to grow along at the same time.