In Brief:
- U.S Representatives Patrick McHenry and Glenn “GT” Thompson deliver a letter to SEC and CFTC.
- Both SEC and CFTC to generate a joint working group on Digital Assets with market participants.
U.S Representatives Patrick McHenry and Glenn “GT” Thompson deliver a letter to SEC chairman and acting CFTC chairman on 16 August regarding cryptocurrency. The letter addresses SEC chairman Gary Gensler and the acting chairman of CFTC Rostin Behman.
Two U.S. Congressmen have requested the chairman SEC and the acting chairman of CFTC to generate a joint working group on Digital Assets with market participants.
The letter to Gensler and Behnam states: “Rather than regulate innovation and job creation out of this country, we should promote an active dialogue between regulators and market participants.”
Both congressmen explained, “This is the goal of H.R.1602, the Eliminate Barriers to Innovation Act of 2021, which passed the U.S House of Representatives in April.”
The bipartisan legislation requires SEC and CFTC “to establish a joint working group on digital assets with market participants, organizations. They will be involved in academic research, and investor protection organization, among others,” two lawmakers detailed.
Letter also highlight that the group will not prevent the SEC and CFTC from undertaking similar activities under existing law.
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A working group on digital assets would help the SEC and CFTC to explore effective use of their current jurisdiction.
The congressman ended in a letter that “we request a response from you and your fellow Commissioners describing the ways the SEC and CFTC plan to work together to these critical issues.”
