Two members of the United states House of Representatives accept petitioned the heads of the Usa Securities and Substitution Commission (SEC) and Commodity Futures Trading Commission (CFTC) to work with participants in the crypto infinite for transparency and regulatory clarity.

In a Monday tweet, Representative Glenn Thompson said he had submitted a alphabetic character with Representative Patrick McHenry to the CFTC and SEC, urging the agencies to "establish a articulation working group on digital assets." Thompson and McHenry requested SEC Chair Gary Gensler and acting CFTC Chair Rostin Behnam to "promote an agile 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 electric current jurisdiction cooperatively," said the letter. "Such a working group can foster transparent engagement with innovators in the digital nugget ecosystem. As Congress contemplates additional legislation to address regulatory gaps, this piece of work could provide us with additional information and clarity as nosotros make these of import policy decisions."

The representatives added:

"Lawmakers and regulators must work together to properly remainder protecting innovation with whatever new regulations to ensure the digital nugget marketplace flourishes in the Usa."

The letter of the alphabet seems to be applying political pressure for the two government agencies to act on their own to form a articulation working grouping rather than waiting for the forcefulness of law. In April of this year, the House passed a bill introduced past McHenry aimed at clarifying the regulatory role of agencies similar the SEC and the CFTC on crypto.

H.R. 1602, the Eliminate Barriers to Innovation Act, gives Congress xc days to plant the aforementioned working group with participation from the SEC, CFTC and the crypto industry. However, the bill has been referred to the Committee on Banking, Housing, and Urban Affairs in the Senate.

"Nothing prevents the SEC and CFTC from undertaking like activities under existing law," said Thompson and McHenry.

Many experts in crypto and blockchain have argued that the lack of regulatory clarity in the United States has the potential to impairment the industry. Currently, the SEC, CFTC and Fiscal Crimes Enforcement Network handle digital nugget regulation in the country, but with different jurisdictional claims, resulting in a patchwork approach companies must navigate to legally operate.

Related: SEC has no authority over crypto, CFTC commissioner argues

The SEC often determines whether tokens are securities using the Howey Examination, with Chairperson Gary Gensler arguing the crypto industry, including decentralized exchanges, falls within the regulatory purview of the federal agency. However, CFTC commissioner Dawn Stump told Cointelegraph that the Commodity Futures Trading Commission "does non regulate crypto assets fifty-fifty if they are bolt."