An alliance of US-based industry watchdogs has come together to oppose a bill for a cryptocurrency market structure proposed by the US Financial Services Committee.
In detailed correspondence with the committee, groups such as Americans for Financial Reform and the Center for Responsible Lending, stated Cryptocurrency industry stakeholders have lobbied heavily to support the commission’s bill, known as the Digital Asset Market Structure Discussion Draft. Regulators of the cryptocurrency industry failed to demonstrate any practical use case beyond speculative investment.
The letter invites the cryptocurrency market to follow the appropriate legislation under the pretext of innovation:
“Especially worrying is the provision in the proposal that changes the SEC’s assessment of the regulation of all securities markets and forces the agency to evaluate the new rules on the basis of the “innovation criterion.”
The purpose of the digital assets bill will be to establish a regulatory framework for industry in the United States with well-defined guidelines and rules. Earlier, Cointelegraph reported that committee chair Representative Patrick McHenry plans to hold a committee vote in July 2023. The focus of the bill is: Participation of the Securities and Exchange Commission (SEC) of the United States in overseeing the regulatory framework..
SEC launched in June 2023 lawsuits against two major exchanges, Coinbase and Binance, both known for their large trading volumes. Surprisingly, traders quickly ignored the news with little effect on market prices.
Regulators have said that, contrary to widespread demand, Congress should support the SEC’s pending executive actions as a tool for “consumer protection.” in reverse, Many jurisdictions in Europe and Asia are actively making efforts welcoming crypto businesses Transferred from the United States.
Translation of Walter Rizzo