A newly introduced cryptocurrency bill has caused an uproar among US lawmakers as House Democrats accuse Republicans of focusing on less important issues.
Last week, House Committee on Agriculture Chairman Glenn Thompson, along with Representatives French Hill and Dusty Johnson, introduced the Financial Innovation and Technology Act for the 21st Century.
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.
Thompson says,
“Over the past several months, our teams have solicited extensive feedback from stakeholders and market participants, and worked diligently to produce a legislative product aimed at closing existing power gaps, ensuring that the United States leads in financial and technological innovation.”
But my democrats He says That the proposed law takes resources away from issues that should prioritize the House Committee on Agriculture. Democrats on the committee say working on a cryptocurrency bill puts Wall Street firms ahead of American consumers.
“Instead of focusing on pressing Farm Bill issues, House Republicans are rushing to give handouts to cryptocurrency exchanges, Wall Street, and Silicon Valley venture capitalists at the expense of American consumers and retail investors.”
Last week, Representatives Hill and Johnson wrote a letter to SEC Chairman Gary Gensler emphasizing the need for comprehensive encryption laws. They say it would be a better approach than regulating crypto companies through enforcement action.
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