Democrats Report Lack of SEC Information Ahead of Crypto Bill Hearings
Democrats in the U.S. House of Representatives reported difficulties obtaining technical information from the SEC regarding a bill aimed at regulating crypto markets, specifically the Digital Asset Market Clarity Act.
Key points include:
- Democratic staff on the House Financial Services Committee received limited responses to questions submitted to the SEC about the legislation.
- Representative Maxine Waters has requested a comprehensive analysis from SEC Chairman Paul Atkins, highlighting the need for clarity on risks associated with crypto.
- The SEC maintains it provides technical assistance to any congressional member requesting it.
- The Clarity Act hearing is scheduled following the introduction of this significant legislative effort, which aims to establish regulatory frameworks for digital assets.
- Concerns exist over potential loopholes that might allow traditional securities firms to bypass existing regulations.
- While some Democratic leaders oppose advancing crypto legislation, there is bipartisan movement toward passing bills related to crypto and stablecoins in Congress.