U.S. Congressmen Introduce Bill to Clarify Cryptoasset Regulation – Bits Media

US lawmakers proposed creating a working group, which will include representatives of SEC and CFTC, In order to evaluate the current regulatory framework for cryptocurrencies and make recommendations for its change.

Members of the House of Representatives of the US Congress Patrick McGenry (Patrick McHenry) and Steven Lynch (Stephen Lynch) introduced the bill, which will help to clarify crypto assets. The bill implies the creation of a working group, consisting of industry experts, representatives of the securities and exchanges commission (SEC) and commissions for commercial futures (CFTC), to assess the current regulatory framework for crypto-actors in the United States.

The ultimate goal of the bill “On the Elimination of Barriers for Innovation” will be to clarify the jurisdiction of the SEC in relation to certain crypto assets, representing securities, as well as CFTC powers, when the cryptoactive falls under the category of exchange goods.

According to the document, Congress will form a working group, consisting of SEC and CFTC representatives, during 90 days after the adoption of the bill. Non-governmental representatives will be invited from fintech companies, as well as financial organizations, using financial technologies of small enterprises, and investor protection groups.

During the year, the working group will have to submit a report with the analysis of the current regulation, its influence on the primary and secondary markets and that, How the rules affect the competitiveness of the United States. The report will also be considered, as storage, Closed keys and cybersecurity management are currently regarded in accordance with the law and how future advanced methods of preventing fraud and protection of investors may look like.

The report will also include recommendations for improving primary and secondary digital assets markets, including their “justice, orderliness, integrity, efficiency, Transparency and accessibility ". Director for Politics of Digital Trade Chamber Amy Davin Kim (Amy Davine Kim) said, that the bill is aimed at creating an organized and comprehensive regulatory framework for digital assets in the United States.

“The bill officially unites SEC and CFTC to work out some of the key issues, who have been influenced for years of legal clarity in this area ", Said whom. "Now we have the opportunity to start studying them with a number of interested parties".

Recall, that last month the Commissioner SEC Esther Pierce (Hester Pierce) said, that it is necessary to accelerate the development of clear regulation of cryptocurrencies, Since large companies like Tesla, BNY Mellon Corp and MasterCard are part of the cryptocurrency industry.