Senior Republicans in the US House of Representatives have released a draft of legislation that reclassifies cryptocurrencies as commodities.

The Digital Asset Market Structure Proposal was submitted by the Chairman of the House Financial Services Committee, Patrick McHenry, and the Chairman of the House Committee on Agriculture, Glenn “GT” Thompson.

Digital Asset Market Structure Proposal

The bill seeks to address several regulatory issues facing crypto and provide clarity for the industry. It also enables innovation and seeks to protect American crypto consumers.

Speaking on the bill, McHenry said:

“Our goal is to strike the appropriate balance between consumer protection and encouraging responsible innovation.”

McHenry urged market participants and stakeholders to provide constructive feedback to help improve the legislation. 

Thompson corroborated McHenry’s statements, adding that the bill would help close the regulatory gaps between the financial regulators.

“This historic joint effort with the House Committee on Financial Services aims to close existing authority gaps between the CFTC and SEC and bolster US leadership in financial and technological innovation.”

The draft bill also gathered support from ranking House members, including the Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, French Hill. According to Hill, the bill’s approach would bring “existing consumer and investor protections to digital asset-related activities and intermediaries under the principle of ‘same risk, same regulation.’ 

Another lawmaker supporting the bill is the Chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, Dusty Johnson.

Key Features

The proposed legislation may finally end the debate on what is a Go to Source to See Full Article
Author: Oluwapelumi Adejumo

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