• The leaked Democratic memo reveals that US Democrats are pushing for a full control of the crypto industry with SEC Chairman Gary Gensler at the forefront.
• Another key message in the memo is to praise Gensler for “building the strongest enforcement team yet” to “crack down on crypto criminals and protect investors and consumers from harm”.
• Republicans on the committee reportedly plan to try to pass crypto-friendly legislation before the end of June.
Democrats Push War On Crypto Industry
Ahead of yesterday’s House Financial Services Committee hearing on digital assets, titled “The Future of Digital Assets: Measuring Regulatory Gaps in Digital Asset Markets,” a memo was distributed to Democratic committee members revealing the agenda. The memo was leaked by Eleanor Terrett of Fox Business. It contained “key messages” for Democratic committee members to follow, making it clear that U.S. Democrats want to bring the industry under their full control, with SEC Chairman Gary Gensler at the forefront.
U.S. Democrats Back Gensler In War On Crypto
The party leadership’s stipulations include praising Gensler for “building the strongest enforcement team yet” to “crack down on crypto criminals and protect investors and consumers from harm” and denying a “turf war” because both agencies agree that cryptocurrencies are securities and should be regulated by the SEC.
US Republicans Ramp Up Pressure On SEC
As U.S. Democrats push for full regulatory control over cryptocurrency markets, Republicans have increased pressure on the SEC, proposing budget cuts in an effort to limit its authority over cryptos. Despite this attempt, US Democrats still maintain that regulatory ambiguity is not an issue but rather non-compliance with existing laws as they believe that new regulations should not be created just because companies refuse to abide by current laws set in place..
SEC Authority Over Cryptos
In response to this power struggle between Congress’ two parties, it has become increasingly important for both sides of government officials to recognize and accept that only one agency can rule over crypto regulation: The Securities Exchange Commission (SEC). It has been made clear through past statements from SEC leaders that cryptocurrencies are considered securities within their jurisdiction and must adhere accordingly or face legal repercussions if found in violation of rules set forth by them..
As U.S lawmakers remain divided on how best approach regulating cryptocurrency markets across America, it is essential that each party recognizes and respects that only one agency should oversee this industry: The Securities Exchange Commission (SEC). As long as all parties involved continue upholding these guidelines then there will be no need for turf wars or unnecessary regulations – existing laws must simply be followed without exception moving forward into 2021