House Financial Services Committee Chair RepMaxineWaters (D-Calif.) has written letters to SEC chair GaryGensler and Treasury Secretary SecYellen asking for feedback on the Republican-sponsored Digital Asset Market Structure bill. By LizKNapolitano
would impact the SEC’s “existing authorities,” including its “mission and ability to protect investors” and “maintain fair, orderly and efficient markets.
The Digital Asset Market Structure proposal, co-signed by Rep. Patrick McHenry and Rep. Glenn Thompson , is the most significant crypto oversight proposal created in Congress this year. Thewould 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.
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