Congressional Leaders Introduce Digital Asset Markey Structure Proposal

On June 2nd, Chairman of the House Agriculture Committee Glenn ‘GT’ Thompson and Patrick McHenry, Chairman of the House Financial Services Committee announced a plan to develop a statutory framework for digital assets.  Their combined intention is to “balance consumer protection and responsible innovation”, by drafting a bill which uses existing laws regarding consumer and investor protections and apply it to digital assets.  The law seeks to close existing regulatory gaps in the Commodity Futures Trading Commission (CFTC) and Security Exchange Commission (SEC), when it comes to digital assets.  Both Chairmen emphasized the importance of the US maintaining its leadership in financial and technological innovation and invited public and stakeholder feedback on the proposal.