US lawmakers urge CFTC and SEC to form joint working group on digital assets

Two members of the United States House of Representatives have petitioned the heads of the United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to work with participants in the crypto space for transparency and regulatory clarity. In a Monday tweet, Representative Glenn Thompson said he had submitted a letter with Representative Patrick McHenry to the CFTC and SEC, urging the agencies to "establish a joint working group on digital assets.” Thompson and McHenry requested SEC Chair Gary Gensler and acting CFTC Chair Rostin Behnam to “promote an active dialogue” between federal regulators and participants in the crypto market. “A working group on digital assets would enable both the SEC and CFTC to explore how to effectively use their current jurisdiction cooperatively,” said the letter. “Such a working group can foster transparent engagement with innovators in the digital asset ecosystem. As Congress contemplates additional legislation to address regulatory gaps, this work could provide us with additional information and clarity as we make these important policy decisions.”