An association of United States-based industry watchdogs has opposed a potential draft bill around the crypto market by United States House Financial Services Committee, as stated by Cointelegraph.
According to Cointelegraph, crypto industry-based stakeholders had lobbied with regard to the proposal, called Digital Asset Market Structure Discussion Draft bill. The watchdogs stated that the crypto industry has been unable to show any form of practical utilisation of the bill, other than speculative investment.
“Of particular concern is the proposed bill’s provision that would alter the SEC’s evaluation of regulatory rulemaking in all securities markets, compelling the agency to assess new rules based on the criterion of ‘innovation,” the letter mentioned.
Based on Cointelegraph’s data, the digital asset bill aimed to create a United States-based regulatory framework. Reportedly, Representative Patrick McHenry, the committee chair, intended to conduct a committee vote in July, 2023. From what it’s understood, the draft bill seeks to include US Securities and Exchange Commission (SEC) in creation of the regulations.
Moreover, Cointelegraph mentioned that in June, 2023, SEC filed lawsuits against Coinbase and Binance.
(With insights from Cointelegraph)