Chicago, Illinois – May 11, 2022 – The Global Digital Asset and Cryptocurrency Association (“Global DCA”), a self-regulatory association for the digital asset & cryptocurrency industry, is pleased to express their support for the Digital Commodity Exchange Act as offered by Congressman Thompson and members of the Agriculture Committee. Global DCA worked with Congressman Thompson and the committee members to help shape this new and responsible regulatory framework for digital assets. Global DCA is joined by other industry leaders who have also expressed support for the Digital Commodity Exchange Act as offered on April 28, 2022.
“Congressman Glenn Thompson, Congressman Ro Khanna, Congressman Tom Emmer, and Congressman Darren Soto for their thoughtful approach to regulating digital commodities as set forth in the Digital Commodity Exchange Act. This bill strikes the right balance between establishing responsible rules of the road and allowing the U.S. to remain a global innovation leader,” says CEO of Global DCA Gabriella Kusz. “The regulatory framework is nimble enough to keep up with a rapidly evolving industry and would accommodate a self-regulatory function as a strong partner to Federal regulators. We look forward to continuing to work with Congress on this piece of legislation and other issues that may arise around digital assets.”
With jurisdiction over commodity markets, the House Agriculture Committee is uniquely positioned to play a significant role in digital asset markets in the United States. The Digital Commodities Exchange Act establishes effective oversight of digital commodity markets without diminishing the innovation and creativity that has established the United States as a global leader in this field.
“As digital assets continue to grow in use and importance throughout the world, it is critical Congress take legislative action to promote sensible regulation and define how these markets should be regulated. Today’s legislation is a culmination of years of work to define a framework that fosters innovation, protects consumers, and reduces regulatory uncertainty,” said Republican Leader Thompson. “Closing the spot-market gap is an essential piece of the regulatory puzzle, but more work remains. I look forward to working with my colleagues to bring greater clarity to crypto users and creators and I hope to see it move through the legislative process promptly.”
“Regulatory clarity is critical for digital commodity markets to promote innovation and consumer protection. Innovators are spending up to fifty percent of start-up costs on legal fees because of the current regulatory ambiguity between what is a security and what is a commodity,” said Representative Soto. “That’s why the Digital Commodity Exchange Act will provide the necessary consumer protections, responsible federal oversight and regulatory clarity for all participating in digital commodity markets.”
“To foster American innovation and tech job growth, Congress must establish a clear process for creating and trading digital commodities that prioritizes consumer protections, transparency, and accountability,” said Representative Khanna. “This bipartisan bill will create a regulatory framework for these emerging technologies and keep us competitive with the rest of the world.”
“I am proud to support Ranking Member Thompson’s Digital Commodity Exchange Act. The bipartisan support this bill and my Securities Clarity Act received from my colleagues, Rep. Soto and Rep. Khanna, demonstrates our joint commitment to formulate a sensible framework for digital asset markets,” said Representative Emmer. “The Securities Clarity Act and the Digital Commodities Exchange Act work together to provide the regulatory clarity necessary to keep crypto innovation in the United States.”
About Global Digital Asset and Cryptocurrency Association
The Global DCA is a global self-regulatory association for the digital asset & cryptocurrency industry. It was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity, and maximize economic opportunity for all participants. Its broad-based membership includes exchanges, proprietary trading firms, traders, investors, asset managers, brokerage firms, FCMs, custodians, decentralized technology organizations, banks, legal firms, audit firms, insurance professionals, academics, consultants, & media.
For more information visit www.global-dca.org
Source: Global Digital Asset and Cryptocurrency Association
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