US House Republican Committee Members Introduce Joint Digital Assets Bill

The House Agriculture and Financial Services Committees have worked together all year on a bill to rival Lummis and Gillibrand's Responsible Financial Innovation Act.

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A bill to create a regulatory framework for digital assets has been introduced by Republican members of the U.S. House Agriculture and Financial Services Committees, the result of months of joint efforts by the two committees.

The 212-page bill, titled “Financial Innovation and Technology for the 21st Century Act,” was introduced on July 20. According to an accompanying explainer, it aims to fill regulatory gaps by creating a framework for the "specific risks of different activities related to digital assets".

The bill gives the Commodity Futures Trading Commission jurisdiction over digital commodities, clarifies the jurisdiction of the Securities and Exchange Commission, and creates a process for digital assets originally considered securities to be sold as commodities.

The bill also sets the conditions for a digital asset to be considered a commodity, with decentralization being the main requirement. Digital Asset Products may be sold on SEC-registered digital asset exchanges. Market participants are subject to new, more comprehensive disclosure requirements and could be registered with both agencies.

Introducing the Financial Innovation and Technology Act for the 21st Century. This bill establishes a regulatory framework for digital assets, protects consumers, promotes innovation, and positions America as a leader in finance and technology. #crypto https://t.co/0ihzY3MP0k

— House Committee on Agriculture (@HouseAgGOP)