Rep. Glenn “GT” Thompson, R-Pa., ranking member of the House Agriculture Committee, intends to propose a bill that would regulate Bitcoin, Ethereum and other cryptocurrencies by establishing clear federal jurisdictions, Bloomberg Law reported Wednesday.
“We have an opportunity and a responsibility to be leaders in the digital assets space to protect consumers, foster innovation, and reduce regulatory burdens,” said Thompson.
Thompson’s legislation would allow the Commodity Futures Trading Commission to register and regulate digital commodities as a new type of entity and would provide incentives, such as working with a single regulator. The measure would also set federal requirements and conditions, including public reporting of trading data and prohibiting abusive trading practices.
The Securities and Exchange Commission would continue to monitor organizations that raise funds and come up with a digital commodity project to ensure that entities comply with securities laws, according to the report.
Thompson said he expects the draft text of the measure to help seek insights from lawmakers, regulators and other stakeholders “to ensure we advance the best possible framework as American innovators build the next generation of digital infrastructure.”
On Jan. 27, the Potomac Officers Club is bringing together distinguished government and industry leaders to offer the GovCon community an insight into the national security aspect of digital currencies. POC’s Digital Currency and National Security forum will feature National Cyber Director Chris Inglis and Juan Zarate, global co-managing partner and chief strategy officer at K2 Integrity, as keynote speakers.