A new crypto bill on Capitol Hill aims to share regulatory powers between the SEC and CFTC. 🏛️

- The BRIDGE Digital Assets Act, introduced by Rep. John Rose, proposes to establish a Joint Advisory Committee focused on cryptocurrencies.

- The SEC and CFTC are intended to collaborate to create a framework for digital assets.

- The committee will include 20 industry insiders and will meet at least twice a year.

Washington is showing interest in crypto legislation. In May, the House of Representatives passed a bipartisan bill that would share regulatory powers between the SEC and CFTC. The White House objected to the bill but said it was open to negotiations.

The SEC and CFTC have filed multiple lawsuits against crypto giants. Assets like Ethereum (ETH) highlight the agencies’ differing approaches. While SEC Chairman Gary Gensler remains unclear on whether ETH is a security or a commodity, CFTC Chairman Rostin Behnam said that ETH is a commodity and should fall under CFTC oversight.