Crypto Bill: Congressman Rose Introduces BRIDGE Act For Better Oversight
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John Rose, the Republican Congressman of Tennessee, is pursuing a new crypto legislative plan, suggesting the “BRIDGE Digital Assets Act.” This law suggests the creation of a joint advisory committee between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to improve the regulatory framework surrounding crypto assets.
According to Fox News reporter Eleanor Terrett, the participation of 20 private sector players who represent different interests within the crypto industry would be an opportunity for expert input and collaboration with regulators.
Rose emphasized that the regulation regime that depends on enforcement rather than structured rules, thus pushing investment in the digital field outside the country, is holding back innovation and should be rectified. The bill’s objective is to create a roadmap whereby industry leaders and government agencies can collaborate in making laws that will support innovation and protect the consumer and market status.
Aims to Balance Innovation and Regulation in Crypto
As laid out in the bill, the advisory committee has the task to advise the SEC and CFTC on the matter of digital asset regulation, including decentralization, functionality, and security. In addition to this, the board is expected to delve into the question of how blockchain technology can improve finance by, among others, increasing transparency, reducing costs, and providing wider access to services.
Each commission member will render the committee’s findings and make timely public appraisals of the recommendations, which will probably lead to a more transparent and responsive regulatory process.
A committee’s membership will involve a variety of people, to be precise, digital asset issuers, registered industry participants, academics, and users of digital assets. The members will not get any compensation; they will only be reimbursed for the travel expenses, so there will be a wide range of opinions reflecting different points of view, a crucial point in avoiding the possibility of conflicts of interest. The meetings are planned to be held at least twice a year, with possible additional gatherings.
The enactment of the BRIDGE Digital Asset Act would mean a great leap in the global adoption of the standards in the crypto industries. In that way, the two crucial objectives of the piece of legislation, namely, innovation and regulation, would be met.
Through the involvement of institutions and the private sector, this law aspires to enhance the growth of the U.S. crypto industry, thus not harming the investors and the integrity of the market
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