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On September 12, Congressman John Rose, a representative from Tennessee and a member of the House Financial Services Committee, introduced a bill aimed at improving coordination between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The proposed legislation, titled the "Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act," seeks to establish a Joint Advisory Committee on Digital Assets.
The proposed committee would be tasked with advising the SEC and CFTC on digital asset regulation. Its goals include harmonizing laws, examining methods for describing and measuring digital assets, and exploring how {blockchain} technology can enhance efficiency and consumer protection in financial markets.
The Joint Advisory Committee would consist of at least 20 members from outside government, including representatives from the digital asset industry, users, and academic experts. Each agency would have one representative on the committee. Recommendations from the committee would be publicly addressed by the agencies.
According to Rose, the current regulatory approach, which relies heavily on enforcement, has driven investment in digital assets to other countries. He believes the new committee would foster collaboration between the government and private sector, creating a more successful regulatory environment for digital assets.
Rose's bill reflects his broader support for digital asset innovation. He has received an "A" rating from the Coinbase-backed Stand with Crypto political action committee and has supported several related legislative efforts. These include his vote for the Financial Innovation and Technology for the 21st Century Act (FIT21) and his co-sponsorship of the CBDC Anti-Surveillance State Act.
The proposed committee is expected to meet at least twice a year, with members serving two-year terms. This initiative aims to bridge the regulatory divide and bring more cohesive oversight to the evolving digital asset landscape.
