Thompson and McHenry release Digital Asset Market Structure Proposal
Washington, June 2, 2023
Glenn "GT" Thompson (PA-15), Chairman of the House Committee on Agriculture, and Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, released a discussion draft providing a statutory framework for a digital assets intended to provide clarity, fill regulatory gaps, and foster innovation.
"For months, our committees have worked collaboratively to establish a viable regulatory framework for digital assets necessary to protect consumers and promote American innovation. Today’s release of the discussion draft brings us one step closer to bringing regulatory certainty to these novel and emerging technologies," said Chairman Thompson. "This historic joint effort with the House Committee on Financial Service aims to close existing authority gaps between the CFTC and SEC and bolster U.S. leadership in financial and technological innovation."
“This discussion draft is the first step toward delivering on Republicans’ commitment to develop clear rules of the road for the digital asset ecosystem,” said Chairman McHenry. “Our goal is to strike the appropriate balance between consumer protection and encouraging responsible innovation. This is the product of an unprecedented joint effort between the House Financial Services and Agriculture Committees, which gives us a better shot at striking that balance. I encourage stakeholders and market participants to provide constructive feedback to help us improve our legislation.”
For text of the discussion draft, click here.
For a section-by-section summary, click here.
For a visual representation of a digital asset project lifecycle, click here.
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