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 minor issues.
Last week, Glenn Thompson, chairman of the House Committee on Agriculture, along with Representatives French Hill and Dusty Johnson introduced the Financial Innovation and Technology for the 21st Century Act.
According to Congressman Thompson, the bill seeks to provide crypto markets with a “much-needed regulatory framework” that can protect investors and strengthen America’s position in the nascent industry.
says Thompson,
“In recent months, our teams have sought extensive feedback from stakeholders and market participants, and have worked hard to produce a legislative product that aims to close existing gaps in authority, ensuring U.S. leadership in financial and technological innovation.”
But Democratic representatives participation that the proposed law diverts resources from issues that should be prioritized by the House Agriculture Committee. Democrats on the committee say working on the crypto bill gives Wall Street companies an edge over American consumers.
“Instead of focusing on pressing Farm Bill issues, House Republicans are sprinting to handout crypto exchanges, Wall Street and Silicon Valley venture capitalists at the expense of American consumers and private investors.”
Last week, Representatives Hill and Johnson wrote a letter to SEC Chairman Gary Gensler stressing the need to create comprehensive crypto laws. They say it would be a better approach than regulating crypto companies through enforcement action.
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