U.S. Representative John Rose (TN-06) has introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act.

According to a press release issued by Rose, the legislation would create a Joint Advisory Committee (JAC) on digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

"The United States must provide a future where digital assets can thrive," Rose said in the press release. Rose is a member of the House Committee on Financial Services. "The current heavy-handed, regulation-by-enforcement approach isn’t working and is instead encouraging investment in this key innovation overseas."

According to the press release, the legislation, also called the "BRIDGE" Digital Assets Act, would provide the SEC and the CFTC with advice on rules, regulations, and policies related to digital assets. The JAC would consist of 20 non-governmental 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. It would meet at least twice a year.

The press release states that JAC members will not be compensated for their service on the JAC. However, they can receive reimbursement for work-related travel in the same manner as government employees.

"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," Rose added.