Democrats Claim Republicans Offering Crypto and Wall Street a ‘Handout’ With New Digital Asset Regulation Bill

Democrats in the US House of Representatives have accused Republicans of neglecting more pressing matters in favour of a crypto bill that was just filed.

The Financial Innovation and Technology for the 21st Century Act was filed in the House last week by Chair of the Agriculture Committee Glenn Thompson, together with Congressmen French Hill and Dusty Johnson.

Rep. Thompson said the bill’s goal is to provide the cryptocurrency markets with a “much-needed regulatory framework” that would help safeguard investors and elevate the United States’ standing in the emerging sector.

Thompson said, “A legislative package that seeks to fix current authority gaps and ensure U.S. leadership in financial and technology innovation was developed after months of intensive input gathering from stakeholders and market players.”

Democrats in the House have complained that the bill will divert attention and resources away from more pressing matters. Committee Democrats are concerned that their work on the crypto bill prioritises the interests of Wall Street corporations above those of American consumers.

“House Republicans, rather than addressing urgent Farm Bill concerns, are rushing to provide a handout to crypto exchanges, Wall Street, and Silicon Valley venture capitalists at the cost of ordinary Americans and small-scale investors.”

Reps. Hill and Johnson urged SEC Chair Gary Gensler to pass sweeping crypto legislation in a letter they sent him last week. According to them, this strategy would be preferable to enforcing regulations on cryptocurrency companies.

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