The line of legal supervisors of the Financial Services Committee of the United States House of Representatives (US) has filed legislation related to digital assets.
If the legislation is passed, a digital assets work team is formed led by two key U.S. supervisors.
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are urged to unite in support in digital asset innovation.
The team will be represented by two commissions and non -governmental actors appointed by supervisors such as members of firms that produce and research new technologies.
The team is required to submit an analysis of the U.S. legal and regulatory framework on digital assets to the CFTC and SEC within a year of the team’s formation.
Once the analysis is completed, the team will be disbanded, unless the heads of the two commissions want to extend the period to another year. However, the team will have to submit a drafted report.
The bill was introduced by Representative Patrick McHenry on Monday along with four other members.
Meanwhile, representatives Tedd Budd and Warren Davidson have long been interested in blockchain technology, even supporting the Davidson Token Taxonomy Act.
