US House Passes Bill to Require Financial Regulators to Set Up Digital Assets Working Group

The Eliminate Barriers to Innovation Act of 2021 seeks to establish a digital asset working group with representatives from the SEC and CFTC.

AccessTimeIconApr 21, 2021 at 10:55 a.m. UTC
Updated Aug 19, 2021 at 8:55 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The U.S. House of Representatives has passed several pieces of bipartisan legislation including a section on digital assets, according to a press release from the House Financial Services Committee on Tuesday.

Known as the Eliminate Barriers to Innovation Act of 2021 (H.R. 1602), the bill was introduced by Reps. Patrick McHenry (R-N.C.) and Stephen Lynch (D-Mass.) in March.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The legislation seeks to set up a digital asset working group with representatives from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

    The purpose of the group is to "ensure collaboration between regulators and the private sector" in order to foster innovation, according to the release. Under the terms of the bill, Congress is to create the working group within a 90-day period from the date of the bill's passing.

    The overarching goal of the legislation seeks to clarify when the SEC has jurisdiction over digital assets, in the case of when they are deemed securities, and when the CFTC has a final say, in the case of when digital assets are classified as commodities.

    Representatives outside the government are also to be involved and are to come from a financial technology company, a financial services institution and small businesses using financial technology. Investor protection groups, organizations that support investments in underserved businesses and at least one academic researcher will also be included, as CoinDesk previously reported.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.