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The Democratic Party gave their members on the U.S. House Committee on Financial Services a directive before their hearings begun on May 10th. This memo said that they should support the party’s opinion of crypto regulations. It also stated that the Republicans weren’t doing enough to protect people who invested in cryptocurrencies. The Democrats think that the SEC should be permitted to be in charge of making rules for the U.S. cryptocurrency market.
Democrats Urge CFTC Oversight to Protect Investors from Crypto Dangers
Eleanor Terrett, a reporter from Fox Business, shared a leaked memo that shows Democratic Party representatives on the U.S. House Committee on Financial Services were instructed to agree with their party’s views on cryptocurrency when they met on May 10. Eleanor also posted this information on Twitter before the hearings began.
As set out in a leaked memo, Democrats on the committee wanted to focus on six key points during hearings. The first one was that Republicans are wanting to make room for the Commodities Futures Trading Commission (CFTC) in the crypto world. Democrats argued that this is bad because it weakens the Securities and Exchange Commission (SEC) and does not look after investors and consumers.
The two follow-up reports said that Republicans on the committee do not want to help stop a really bad financial disaster for America if the debt ceiling isn’t increased. The memo mentioned that Republicans only care about creating digital asset laws, which the Biden Administration and investors didn’t even ask them to do.
Recently, the Biden Administration has gotten stricter on crypto. The U.S. Securities and Exchange Commission’s Chairman Gary Gensler is trying to stop any crypto companies that are offering securities without official permission.
“Crypto Businesses Cannot Avoid Responsibility for Not Following Regulations”
The US Securities and Exchange Commission (SEC) has not given a clear explanation about what makes something a security. Also, the SEC is being too tough on people involved with cryptocurrency. This has caused Coinbase – which helps people buy and sell crypto – to think of moving somewhere else that won’t be so hard on them. But according to the Democratic Party’s leaked memo, it might just be that these firms are not following the rules and laws. The fourth message in this memo said…
The issue is not confusion, it’s people not following the existing laws. Crypto businesses can’t avoid responsibility for this. The U.S. has had a regulatory framework that has consistently motivated innovation in the financial system for decades. We can’t just create new regulations because crypto companies don’t want to obey what is already set out for them.
The memo urged members of the Democratic committee to defend SEC’s chairman who is in trouble for protecting people’s investments. The Democrats also want Congress to support the SEC so that they can stay in charge of managing crypto markets in the US.
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