US lawmakers call on Sec and CFTC to form joint working group to regulate cryptocurrencies

The two US lawmakers will present a joint working group to regulate crypto assets, along with the chairman of the US Securities and Exchange Commission (“SEC”) and the chairman of the Commodity Futures Trading Commission (CFTC).

SEC, CFTC call for working together on crypto regulation
U.S. representatives Patrick Mchenry and Glenn ” GT ” Thompson sent a letter on Monday to Sec Chairman Gary Gensler and CFTC Chairman rostin Behnam about the cryptocurrency.

Mchenry is the highest member of the House Financial Services Committee, while Thompson is the highest member of the House Agriculture Committee.

The letter begins with Gensler telling Senator Elizabeth Warren October that “additional powers” and “resources”are needed to oversee the crypto industry. Mchenry had previously expressed concern that Gensler wanted jurisdiction over all crypto exchanges, including those not associated with them, to be a “shameless power grab that would damage American Innovation.”

The letter to Gensler and Behnam reads:::

Rather than decoupling innovation and creating jobs outside this country, we should encourage an active dialogue between regulators and market participants … open and collaborative dialogue with all relevant institutions, stakeholders and market participants is crucial.

McHenry and Thompson explained: “This is the H. H., The 2021 innovation barriers Removal Act passed by the U.S. House of Representatives in April. R. It is the purpose of 1602.”

H. R. 1602 is a dual law requiring the SEC and CFTC to “form a joint working group on digital assets with market participants, scientific research organizations, and investor protection organizations, among other things.” They stressed that there was nothing stopping the two departments from forming a working group based on existing legislation.

“The digital assets working group will allow both the SEC and CFTC to examine how they can effectively exercise their existing jurisdiction together.

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