Democrat lawmaker requests SEC, Treasury feedback over Republican-led crypto bill

admin June 26, 2023

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Rep. Maxine Waters has asked the SEC and Treasury to provide written views and feedback on recently submitted legislation related to the regulation of digital assets.

The letter, issued June 26 and addressed to Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler, was on the Digital Asset Market Structure Discussion Draft.

Waters, a Democrat and a leading member of the House Financial Services Committee, has asked both agencies to provide an analysis of the proposed bill and its implications for the current regulatory landscape.

Waters also asked the authorities to determine whether the proposed legislation is necessary to regulate the digital asset industry and whether it is consistent with recommendations by the Treasury Department and the Financial Stability Oversight Council.

Waters also urged authorities to determine whether changes to existing laws are a better option to ensure financial stability and protect consumers involved in digital assets.

Invoice details

The bill in question was introduced by Republican lawmakers on June 2 and is expected to be voted on in July.

It primarily seeks to determine whether cryptocurrencies are commodities or securities, and to establish a framework to separate regulations for each digital asset class.

The bill also intends to establish a clear role for regulators to oversee the cryptocurrency sector. The SEC will be responsible for cryptocurrencies considered securities, while the CFTC will oversee cryptocurrencies considered digital commodities.

In addition, we block the extension of trading rules to non-exchange services such as wallet offerings, software publishing, and node operations.

The bill is led by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson, with the support of Representatives French Hill and Dusty Johnson.

Post-Democratic Rep. Asks SEC and Treasury for Feedback on Republican-Led Crypto Bill First Posted on CryptoSlate.