Congressmen asked regulators to form a task force to work with participants in the cryptocurrency industry and clarify its regulation.
Two members of the U.S. House of Representatives Glenn Thompson and Patrick McHenry sent
letter to the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC). In an appeal to the departments, congressmen urged them to create a working group on digital assets to cooperate with participants in the cryptocurrency industry. This will help regulators develop clearer and more transparent rules for overseeing the industry.
Thompson and McHenry approached SEC Chairman Gary Gensler and CFTC Acting Chairman Rostin Behnam to “foster productive dialogue” between federal regulators and cryptocurrency market participants.
“The Working Group on Digital Assets will allow the SEC and CFTC to explore how they can effectively exercise their powers. The creation of this group will facilitate transparent interaction with innovators in the cryptocurrency space. As Congress is still considering legislation to address regulatory gaps, this group could already provide additional information and clarify important policy decisions, ”- stated in the address of the congressmen.
They are convinced that legislators and regulators should work together to create a “balanced” regulation of cryptocurrencies. It should aim to both protect users and promote innovation and prosperity for the cryptocurrency market in the United States, Thompson and McHenry said.
In March, other US congressmen introduced the Remove Barriers to Innovation Bill. After its adoption, the SEC and CFTC will need to form a working group within 90 days to assess the current regulatory framework and its adaptation to cryptocurrencies. Thompson and McHenry believe that agencies should act now, without waiting for the law to come into force.
“Nothing prevents the SEC and CFTC from doing similar actions in accordance with the current legislation,” the congressmen said.
CFTC Commissioner Brian Quintenz expressed a clear stance on Ether this week, saying it should not be classified as a security.
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