A newly introduced crypto law is causing a stir among US lawmakers as Democratic members of the House of Representatives accuse Republicans of focusing on less important issues.
Last week, House Agriculture Committee Chairman Glenn Thompson, along with Reps French Hill and Dusty Johnson, introduced the Financial Innovation and Technology for the 21st Century Act.
According to Congressman Thompson, the bill aims to provide crypto markets with a “much-needed regulatory framework” that can protect investors and strengthen America’s position in the burgeoning industry.
“Over the past few months, our teams have gathered extensive feedback from stakeholders and market participants and have worked diligently to develop a legislative product aimed at filling existing authority gaps, thereby ensuring U.S. leadership in financial and technological innovation.”
But representatives of the Democrats say that the proposed law diverts resources from issues that should be prioritized by the House Agriculture Committee. Democrats on the committee say crypto bill work is putting Wall Street firms ahead of American consumers.
“Rather than focus on pressing farm bill issues, House Republicans are rushing to hand out handouts to cryptocurrency exchanges, Wall Street and Silicon Valley venture capitalists at the expense of American consumers and individual investors.”
Last week, Rep. Hill and Johnson wrote a letter to SEC Chairman Gary Gensler emphasizing the need to introduce comprehensive crypto laws. They say this would be a better approach than using enforcement to regulate crypto firms.
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