The SEC and its Chairman, Gary Gensler, considers most cryptocurrencies to be securities, with the exception of Bitcoin (BTC), and should be registered with the SEC.
At this point, while the SEC increased its pressure on cryptocurrencies, its latest victims were leading crypto exchanges Binance and Coinbase.
While these cases are still being talked about in the crypto industry, the House Financial Services Committee, led by US senator Maxine Waters, sent letters to both Treasury Secretary Janet Yellen and SEC Chair Gary Gensler.
In letters, Democratic senator Waters asked Yellen and Gensler for their views on the bill to revise the market structure for digital assets, which could be voted on in the coming weeks.
Senator Waters asked Gensler and Yellen to appear before members of the House Financial Services Committee to provide their views on the draft proposal, noting that they have until the end of June.
In his letter, Waters asked Gensler how the draft would affect current SEC officials, saying:
In your response, please describe the impact this bill has on the current officials of the SEC, protecting investors, keeping markets flowing fairly, regularly and efficiently, facilitating capital creation, and more.
I would also welcome any recommendations or changes that are outside the scope of the bill that you believe will protect investors in the digital assets space.”
Similar wording was used in the letter sent to Janet Yellen of the Financial Services Committee led by Waters.
“In your response, please note that the digital asset bill, the Treasury Department's mission to promote economic prosperity; ensure the financial stability of the United States and protect the resilience and integrity of the financial system; the Treasury's ability to effectively manage the finances and resources of the U.S. government; investor and consumer protections,” the letter reads. Explain the effects on the subjects.
#RELEASE: Ranking Member @RepMaxineWaters Calls on @USTreasury, @SECGov to Share Analysis on Republican Digital Assets Market Structure Bill | https://t.co/lloLm7Lho6 pic.twitter.com/qbPNMSRl5v
— U.S. House Committee on Financial Services (@FSCDems) June 26, 2023
