US Industry Watchdogs Oppose Crypto Market Structure Bill

The group sent a detailed letter to the US House Financial Services Committee accusing the crypto market of seeking legislation favorable under the guise of cryptographic innovation.< /p> News Join us on social networks

An alliance of US-based industry watchdogs have united to voice their opposition to a proposed crypto market structure bill by the United States House Financial Services Committee.< /p>

In detailed correspondence to the committee, groups including Americans for Financial Reform and the Center for Responsible Lending claimed that crypto industry stakeholders had actively lobbied to support the proposed draft bill. committee, known as the Digital Assets Market Structure. Discussion Bill. The watchdogs have claimed that the crypto industry has failed to demonstrate any practical use cases beyond speculative investing.

The letter accused the crypto market of seeking favorable legislation under the guise of crypto innovation:

"The provision of the bill that would change the SEC's assessment of regulatory regulation in all securities markets, requiring the agency to assess new rules based on the criterion of "innovation," is of particular concern.

The intent behind the comprehensive Digital Assets Bill was to establish a regulatory framework in the United States, encompassing well-defined rules and guidelines for the crypto industry. Earlier, Cointelegraph reported that the chairman of the committee, Rep. Patrick McHenry, plans to hold a committee vote in July 2023. The focus of the bill revolves around the involvement of the Securities and Exchange Commission (SEC). of the United States in monitoring the regulatory framework. /p>