Republicans in the U.S. House of Representatives propose a new digital asset regulation bill "21st Century Financial Innovation Technology Act"

Republicans in the U.S. House of Representatives proposed a new digital asset regulation bill, the 21st Century Financial Innovation and Technology Act. The sponsors include House Agriculture Committee Chairman Glenn "GT" Thompson, Representatives Tom Emmer, and Warren Davidson. The bill, one of several bills introduced in recent years aimed at creating sweeping rules for digital assets, was first drafted in early June to chart a regulatory path for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC). Rep. Dusty Johnson said, "The encryption industry hopes that our cooperation bill will give the US Commodity Futures Trading Commission (CFTC) and the US SEC a place. Our bill establishes clear principles to ensure financial security and certainty for digital asset developers in the process of continuous innovation." On page 10, the revised bill excludes from the definition of “digital assets” a range of traditional securities such as stocks, bonds, “transferable shares,” “certificates of interest or participation in any profit-sharing agreement,” and more.