MFA submitted a letter to the Senate Banking Committee with recommendations for digital assets regulation.
MFA recommends that Congress:
- Empower the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to adopt clear, principles-based digital asset rules.
- Direct the SEC to refine its rules to support tokenization of public and private securities.
- Ensure consistent treatment of blockchain-based and traditional financial products to avoid regulatory arbitrage.
- Avoid duplicative regulation and dual SEC and CFTC registration.
- Authorize the CFTC to adopt custody rules for digital assets that fall under its jurisdiction and coordinate those requirements with the SEC.
- Encourage the Treasury Department to tailor anti-money laundering (AML) rules for digital assets.
