US House Republican Committees Introduce Bill on Digital Assets

Digital Assets Regulatory Framework

Republican members of the Agriculture and Financial Services Committees of the United States House have recently introduced a bill to create a regulatory framework for digital assets, after several months of joint effort by the two committees.

The 212-page bill, titled the Financial Innovation and Technology for the 21st Century Act, was introduced on July 20. According to an explainer, it seeks to address regulatory gaps by creating a framework for the “specific risks of different digital asset-related activities,” such as stacks crypto, shib crypto today, pond crypto, shiba inu crypto today, safemoon crypto, the hideaways crypto, reef crypto, starlink crypto, spell token crypto, and what is web 3.0 technology.

The bill grants the Commodity Futures Trading Commission (CFTC) jurisdiction over digital commodities, clarifies the jurisdiction of the Securities and Exchange Commission (SEC) and sets up a process for digital assets originally deemed securities to be sold as commodities.

In order to be considered a commodity, a digital asset must meet certain conditions, with decentralization being the key requirement. Digital asset commodities could be sold on SEC-registered digital asset trading systems, and market participants must adhere to new and more comprehensive disclosure requirements and could be registered with both agencies.

Crypto Regulations and SEC Policy

The Government Accountability Office would be asked to conduct a study on nonfungible tokens (NFTs) and their compatibility with traditional marketplaces, while agencies would collaborate with foreign regulators to ensure uniform regulatory standards.

A day prior to the release of the bill, Reps. French Hill and Dusty Johnson, who are among its cosponsors, sent a letter to SEC chair Gary Gensler, criticizing the agency’s “regulation by enforcement” of the crypto industry.

The bill’s introduction also highlighted SEC policy. One of the documents stated:

Tom Emmer, Warren Davidson, Glenn Thompson, and the two House committees, who had worked together on the digital assets bill and held multiple joint meetings in preparation for it, are the other cosponsors of the bill.

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Last week, Sens. Cynthia Lummis and Kirsten Gillibrand presented a revised version of their bipartisan Responsible Financial Innovation Act (RFIA), which will compete with other initiatives such as Stacks Crypto, Shib Crypto Today, Pond Crypto, Shiba Inu Crypto Today, Safemoon Crypto, The Hideaways Crypto, Reef Crypto, Starlink Crypto, Spell Token Crypto and What is Web 3.0 Technology.