Leading Democrat Asks Gensler, Yellen For Thoughts on Republican-Led Crypto Bill

SEC Chairman Gary Gensler and Treasury Secretary Janet Yellen have been called to analyze a digital asset market structure bill proposed by the Republican Party, according to a press release. House Financial Services Committee leading Democrat Maxine Walters wrote a letter to both individuals, requesting their opinions on the Digital Asset Market Structure Discussion Draft. The bill, introduced earlier this month by House financial Services Committee Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson, aims to establish a process for transitioning digital token from securities to commodities. Gensler stated that the existing rules adequately regulate cryptocurrencies and that new legislation is not necessary. However, earlier this month, Yellen expressed her desire for Congress to enact additional regulations on cryptocurrency, citing perceived "loopholes" in the system. The bill has generated differing opinions among Republicans and Democrats, with Waters expressing concerns that it could hinder the SEC's operations. McHenry announced plans to hold a committee vote on the bill during the second week of July.

Author: Katie Lin

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