Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Leading House Democrat Solicits Feedback From Gensler and Yellen on Crypto Bill

CoindeskCoindesk2023/06/26 19:31
By:Elizabeth Napolitano

The bill would provide guidelines for U.S.-based crypto exchanges to register with regulators.

Rep. Maxine Waters (D-Calif.)

House Financial Services Committee Chair Maxine Waters (D-Calif.) has made an overture to regulators in an attempt to secure the passage of a crypto-focused bill that would offer U.S.-based digital asset exchanges a path toward registering with the U.S. Securities and Exchange Commission (SEC),

The , dated June 23, asks him to delineate how the would impact the SEC’s “existing authorities,” including its “mission and ability to protect investors” and “maintain fair, orderly and efficient markets.”

A similar asks her to explain what impact the bill would have on the Treasury Department and its “mission to promote economic prosperity” and “ensure the financial stability of the United States,” as well as how it would address or conflict with “any policy recommendations made by the Treasury Department or Financial Stability Oversight Council in its various digital asset reports.”

The Digital Asset Market Structure proposal, co-signed by Rep. Patrick McHenry (R-NC) and Rep. Glenn Thompson (R-Penn.), is the most significant crypto oversight proposal created in Congress this year. The would approve digital securities, commodities and stablecoins for trading, as well as provide guidelines for distinguishing a crypto-based security from a commodity.

The letters signal Democrats’ attempts to advance a bill that could potentially bring greater regulatory clarity to the burgeoning crypto industry but that has been unpopular with many in the party.

The SEC, under Gensler’s watch, has attempted to rein in the crypto industry through a series of enforcement actions, targeting major industry players such as Coinbase, Binance, Kraken and Bittrex.

Waters asked Gensler and Yellen to provide responses to her requests by Friday.

Edited by Nelson Wang.

191

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

Many are wondering if XRP can reach $1 anytime soon. Well, here are a few reasons in support.

Cryptopotato2024/07/21 16:55