Congresswoman Maxine Waters requested that the SEC and the Treasury Department write their views and feedback on a recently submitted legislative proposal related to regulating digital assets.
The letters were issued June 26 and were addressed to Secretary of the Treasury Janet Yellen and SEC Chair Gary Gensler and related to the Digital Asset Market Structure Discussion Draft.
Waters — who is a Democrat and a leading member of the House Financial Services Committee — requested that the two authorities analyze the proposed legislation and their impact on the current regulatory landscape.
In addition, Waters requested that authorities determine whether the proposed legislation is necessary to regulate the digital asset industry and whether it conflicts with the recommendations of the Treasury Department and the Financial Stability Oversight Council.
Waters also asked authorities to determine whether amending current laws would be a better option to ensure financial stability and protect consumers dealing with digital assets.
Details on the invoice
The bill in question was introduced by Republican lawmakers on June 2 and will be voted on in July.
It is primarily intended to establish a framework that will determine whether a cryptocurrency is a commodity or a security and separate the regulation of each digital asset class.
The bill also aims to establish clear roles for regulators in overseeing the crypto sector – the SEC would be in charge of cryptocurrencies that are considered securities, while the CFTC will oversee cryptocurrencies that are considered commodities in digital form .
In addition, it blocks the extension of exchange rules to non-exchange services such as wallet provisioning, software publishing, and node operation.
The bill is spearheaded by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson, along with the support of Congressmen French Hill and Dusty Johnson.
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