Rep. Rose Introduces the BRIDGE Digital Assets Act

Washington, D.C.-Today, U.S. Representative John Rose (TN-06), a member of the House Committee on Financial Services, introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act or the "BRIDGE" Digital Assets Act, which would establish a Joint Advisory Committee (JAC) on digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

U.S. Rep. Rose released the following statement:

"The United States must provide a future where digital assets can thrive," said Rep. Rose. "The current heavy-handed, regulation-by-enforcement approach isn't working and is instead encouraging investment in this key innovation overseas. The Joint Advisory Committee on Digital Assets will provide a framework for the government and private sector partners to cooperate on a path toward success for the regulatory landscape of digital assets and private sector participants."

Background:

The purpose of this JAC would be to provide both the SEC and the CFTC with advice on their respective rules, regulations, and policies related to digital assets. The JAC shall consist of 20 nongovernmental stakeholders who represent different interests in the digital asset space. Each Commission will have 10 selections for the JAC and each JAC member will serve no longer than a two-year term. JAC members will not be compensated for their service on the JAC but can receive reimbursement for work-related travel in the same manner as government employees. The JAC will meet at least twice a year and is intended to exist as long as the JAC feels it is necessary to advise on novel issues.

Read the bill text here.

U.S. Representative John Rose is currently serving his third term representing Tennessee's Sixth Congressional District and resides in Cookeville with his wife, Chelsea, and their two sons, Guy and Sam. The Sixth District includes Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Sumner, Trousdale, Van Buren, and White counties as well as portions of Davidson, Scott, Warren, and Wilson counties. Representative Rose is an eighth-generation farmer, small business owner, and attorney, and currently serves on the House Financial Services Committee and House Agriculture Committee.