BOTH THE SENATE AND THE HOUSE HAVE INTRODUCED LEGISLATION IN AN ATTEMPT TO PROVIDE REGULATORY CLARITY FOR DIGITAL ASSETS.
Both the CFTC and SEC a seat at the table
A good faith regulator would be working with Congress and industry participants to provide a regularly framework that fostered innovation while providing important rules like the segregation of customer funds, a bar and penalty for commingling, 100% reserves, protecting client funds in case of bankruptcy, etc. There are tremendous things a good faith regulator could accomplish in the crypto space.
@SenLummis
I am very encouraged to see this legislation introduced in the House.
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408921
@PatrickMcHenry, @CongressmanGT, @RepFrenchHill have sent a strong message that both chambers of Congress are ready to enact real reform that drives both innovation and consumer protection.
@FinancialCmte
The Financial Innovation & Technology for the 21st Century Act, introduced by the Financial Services and @HouseAgGOP Committees, provides clear rules of the road so the #digitalasset ecosystem can thrive in the U.S.
@FinancialCmte
The Financial Innovation & Technology for the 21st Century Act, introduced by the Financial Services and @HouseAgGOP Committees, provides clear rules of the road so the #digitalasset ecosystem can thrive in the U.S.
“Today’s introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” said Chairman Thompson. “Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation. I thank Chairman McHenry for his leadership and that of our subcommittee chairs in moving this legislation to this stage.”
“The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles,” said Rep. Dusty Johnson. “The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.”