House Approves Legislation for Digital Asset Working Group

The Eliminate Barriers to Innovation Act otherwise known as H.R. 1602, sponsored by Rep. McHenry (R-NC) proposes to direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to jointly establish a working group on digital assets. The bill passed the House in a 355-69 vote. 

Some of the bill’s highlights include directing the working group to: 

• Make an analysis of the legal and regulatory framework and related developments in the United States relating to digital assets

• Recommend for the creation, maintenance, and improvement of primary and secondary markets in digital assets, including for improving the fairness, orderliness, integrity, efficiency, transparency, availability, and efficacy of such markets; 

• Make best practice recommendations to reduce fraud and manipulation of digital assets in cash, leveraged, and derivatives markets

If you are a fintech or technology stakeholder who has an interest in digital assets, planning for regulatory oversight should be a part of your business strategy. 

Lanton Law is a national boutique law and lobbying firm that focuses on fintech, technology and healthcare. If you are an industry stakeholder with questions about the current landscape or if you would like to discuss how your organization’s strategic initiatives might be impacted by either Congress, regulatory agencies or legal decisions,contact us today.