The US House of Representatives has included a provision on cryptocurrencies in the defence budget bill. US regulators are supposed to clearly delineate areas of responsibility in the digital asset market.
Republican Patrick McGarry has proposed that the SEC and the CFTC create a joint working group, which would also include representatives from small businesses, the cryptocurrency industry and fintech. They would also be joined by industry lobbyists and members of advocacy organizations.
If the bill is passed, the working group will be set up no later than 90 days after it is signed into law. Within a year, it must analyse the regulatory framework, as well as its impact on the primary and secondary markets. The experts will then submit a report to Congress on how the current regulatory regime affects US competitiveness.
According to CoinDesk, the defence budget bill usually receives broad bipartisan support and is seen as a must-pass document.
Earlier this week, a group of US civil society organisations called on SEC Chairman Gary Gensler to step up the fight against cryptocurrencies. According to the appeal's authors, many projects from this area allegedly violate investor protection rules.
In August, the head of the regulator warned of increased oversight in the area of stabelcoins. At the same time, the official noted that the agency needs additional powers and resources.
In the same month, the CFTC clarified its authority over cryptocurrencies. The commission regulates financial derivatives, which is also true for digital assets.
Recall that in September, Maggie Hassan, a member of the US Senate Committee on Homeland Security and Governmental Affairs, sent a letter to a number of agencies expressing concern about the use of cryptocurrency as ransomware for ransomware.
The media later reported plans by President Joe Biden's administration to prepare a series of measures aimed at cracking down on cryptocurrency payments to hackers.