The document is called the “Digital Asset Regulation and Development Act.” This draft law aims to improve cooperation between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), whose approaches to regulating crypto assets differ greatly. The SEC argues that many cryptocurrencies are unregistered securities, while the CFTC insists that most crypto assets are commodities.
The committee will include not only the SEC and CFTC, but also crypto industry participants and academics from various fields. The committee will focus on providing recommendations to digital asset oversight agencies and studying how digital assets and blockchain can improve financial market security and consumer protection. The committee will operate for two years, and its members will meet for discussions at least twice a year.
John Rose advocates for a more crypto-friendly approach to regulation to prevent investment from flowing overseas. According to the congressman, the Joint Advisory Committee will ensure that the private sector cooperates with regulators, which should ultimately create a favorable regulatory regime for the crypto industry in the United States.
In June, a bill was introduced in the US Congress to pay federal taxes in bitcoin, inspired by the results El Salvador achieved after recognizing bitcoin as an official means of payment in 2021.
