The House of Representatives has passed a bill that aims to get the SEC and CFTC working together on digital asset rules.
The Eliminate Barriers to Innovation Act of 2021 passed the House on April 20. Ranking Member Patrick McHenry (R-NC) first introduced the bill to the Financial Services Committee in March. Stephen Lynch (D-MA), one of the leaders of the FSC’s Fintech Task Force, cosponsored.
The Eliminate Barriers to Innovation Act is, at this point, one of the first bills explicitly addressing digital assets to have left the committee stage and passed one of Congress’ two chambers. Its central focus is the relationship between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
If passed, the law would mandate the creation of a joint working group of non-government employees who would, in turn, advise both commissions and ultimately come up with a report and recommendations as to how the two should address digital assets markets. In its current
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