BRIDGE Digital Assets bill by John Rose
Republican Representative John Rose, a member of the House Financial Services Committee, has introduced a new bill in the US Senate. This bill proposes a joint SEC-CFTC committee to advise the SEC and CFTC on their rules and regulations related to crypto. The bill aims to settle the ongoing SEC-CFTC dispute over the jurisdiction of crypto in the US.
Source: Bridge Digital Assets bill (pdf) / Eleanor Terrett
BRIDGE Digital Assets
In the name of this bill BRIDGE Digital Assets, "BRIDGE" is only an abbreviation, its full name is Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets. The acronym is being spoken due to the difficulty in taking the long name. This bill could be the first attempt to resolve the crypto dispute between the two US regulatory agencies.
My Point
While the Republican Party is in favor of making simpler regulations in favor of crypto, it is not their job to simplify the debate on crypto for SEC-CFTC. Moreover, agencies that seek suggestions from the public but do not act on them are not in their nature to take suggestions other than those that serve their own purpose. In the committee, the SEC and CFTC will only give each other such suggestions.
