A newly-introduced crypto bill is causing a stir among US lawmakers as Democrat members of the House of Representatives accuse Republicans of focusing on less important issues.
Last week, House Committee on Agriculture Chair Glenn Thompson, along with Representatives French Hill and Dusty Johnson, introduced the Financial Innovation and Technology for the 21st Century Act.
According to Congressman Thompson, the bill seeks to provide the crypto markets with a “much-needed regulatory framework” that can protect investors and bolster America’s position in the nascent industry.
Says Thompson,
“Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation.”
But Democrat representatives say that the proposed law is taking resources away from issues that should be prioritized by the House Agriculture Committee. Democrats on the committee say that working on the crypto bill places Wall Street firms ahead of American consumers.
“Instead of focusing on pressing Farm Bill issues, House Republicans are sprinting to provide a handout to crypto exchanges, Wall Street, and Silicon Valley venture capitalists at the expense of American consumers and retail investors.”
Last week, Representatives Hill and Johnson wrote a letter to SEC Chair Gary Gensler emphasizing the need to establish comprehensive crypto laws. They say it would be a better approach than regulating crypto firms through enforcement actions.
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