US House Republican committees introduce joint digital assets bill

A measure to make a regulatory model for integer assets has been introduced by Republican members of the Agriculture and Financial Services Committees of the United States House, the effect of respective months of associated effort by the 2 committees.

The 212-page bill — called the Financial Innovation and Technology for the 21st Century Act — was introduced connected July 20. According to an accompanying explainer, it's intended to code regulatory gaps by creating a model for the "specific risks of antithetic integer asset-related activities.”

The measure gives the Commodity Futures Trading Commission (CFTC) jurisdiction implicit integer commodities, clarifies the jurisdiction of the Securities and Exchange Commission (SEC) and creates a process for integer assets primitively deemed securities to beryllium sold arsenic commodities.

The measure besides sets conditions for a integer plus to beryllium considered a commodity, with decentralization being the main requirement. Digital plus commodities could beryllium sold connected SEC-registered integer plus trading systems. Market participants are taxable to caller and much broad disclosure requirements and could person registration with some agencies.

Introducing the Financial Innovation and Technology for the 21st Century Act. This measure establishes a regulatory model for integer assets, protects consumers, fosters innovation, and positions America arsenic a person successful concern and technology. #crypto https://t.co/0ihzY3MP0k

— House Committee connected Agriculture (@HouseAgGOP) July 20, 2023

The agencies would besides beryllium required to enactment with overseas regulators to make accordant regulatory standards. The Government Accountability Office would beryllium required to implicit a survey connected nonfungible tokens (NFTs) and however they acceptable into accepted marketplaces.

Reps. French Hill and Dusty Johnson, who are among the cosponsors of the bill, sent a missive to SEC seat Gary Gensler a time earlier the instauration of the measure criticizing the agency’s alleged "regulation by enforcement" of the crypto industry.

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SEC argumentation was besides highlighted successful the bill’s introductory materials. One of the documents stated:

“The SEC’s existing regulatory authorities is not designed to accommodate the registration and regularisation of integer assets. The SEC has failed to supply the clarity these entities request to operate.”

The different cosponsors of the measure were Glenn Thompson, Tom Emmer and Warren Davidson. The 2 House committees began moving together connected a integer assets measure earlier this twelvemonth and held much than 1 associated meeting successful mentation for it.

Last week, Sens. Cynthia Lummis and Kirsten Gillibrand introduced a caller version of their bipartisan Responsible Financial Innovation Act (RFIA), which this measure volition vie with.

Magazine: Opinion: GOP crypto maxis astir arsenic atrocious arsenic Dems’ ‘anti-crypto army’