US House Republican committees introduce joint digital assets bill
A bill to create a regulatory framework for digital assets has been introduced by Republican members of the Agriculture and Financial Services Committees of the United States House, the result of several months of joint effort by the two committees.
The 212-page bill — called the Financial Innovation and Technology for the 21st Century Act — was introduced on July 20. According to an accompanying explainer, it's intended to address regulatory gaps by creating a framework for the "specific risks of different digital asset-related activities.”
The bill gives the Commodity Futures Trading Commission (CFTC) jurisdiction over digital commodities, clarifies the jurisdiction of the Securities and Exchange Commission (SEC) and creates a process for digital assets originally deemed securities to be sold as commodities.
The bill also sets conditions for a digital asset to be considered a commodity, with decentralization being the main requirement. Digital asset commodities could be sold on SEC-registered digital asset trading systems. Market participants are subject to new and more comprehensive disclosure requirements and could have registration with both agencies.
Introducing the Financial Innovation and Technology for the 21st Century Act. This bill establishes a regulatory framework for digital assets, protects consumers, fosters innovation, and positions America as a leader in finance and technology. #crypto https://t.co/0ihzY3MP0k
The agencies would also be required to work with foreign regulators to create consistent regulatory standards. The Government Accountability Office would be required to complete a study on nonfungible tokens (NFTs) and how they fit into traditional marketplaces.
Reps. French Hill and Dusty Johnson, who
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