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

Congresswoman Maxine Waters requested the SEC and the Treasury Department to submit in writing their views and feedback on a recently submitted legislative proposal related to regulating digital assets.

The letters were issued on June 26 and addressed to Treasury Secretary Janet Yellen and SEC chair Gary Gensler and pertained to the Digital Asset Market Structure Discussion Draft.

Waters — who is a Democrat and a ranking member of the House Financial Services Committee — requested the two authorities to provide an analysis of the proposed legislation and their impact on the current regulatory landscape.

Additionally, Waters requested the authorities to determine whether the proposed legislation is needed to regulate the digital asset industry and whether there are any conflicts with the recommendations made by the Treasury Department and the Financial Stability Oversight Council.

Waters also requested the authorities to determine if altering current laws would be a better option to ensure financial stability and protect consumers engaging with digital assets.

Details on the bill

The bill in question was introduced by Republican lawmakers on June 2 and is set to go through voting in July.

It primarily seeks to establish a framework that will determine whether a cryptocurrency is a commodity or security and separate the regulation of each digital asset class.

The bill also intends to establish clear roles for regulators in supervising the crypto sector — the SEC would be in charge of cryptocurrencies that are deemed securities, while the CFTC will oversee cryptocurrencies considered to be commodities in digital form.

Additionally, it blocks the expansion of exchange rules to non-exchange services like wallet provision, software publishing, and node operation.

The bill is being led by House Financial Services Committee chair Patrick McHenry and House Agriculture Committee chair Glenn Thompson, along with support from Congressmen French Hill and Dusty Johnson.

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