The US Democrats continue to push their agenda against the crypto industry, according to a leaked memo distributed to the Democratic committee members ahead of the House Financial Services Committee hearing on digital assets.
The memo outlines “key messages” for the members to follow, revealing the party’s intention to bring the industry under its control with SEC Chairman Gary Gensler at the forefront.
The memo directs committee members to praise Gensler for building the strongest enforcement team to crack down on crypto criminals, while denying any “turf war” between the SEC and the CFTC.
The memo also states that almost all crypto assets are securities, and regulatory ambiguity is not the problem, but rather mass non-compliance with existing laws.
On the other hand, US Republicans are defending the industry and have ramped up pressure on the SEC. In a joint letter to Gensler, Republicans demanded the agency release internal documents and communications with Sam Bankman-Fried, accusing Gensler of failing to protect investors from scammers and politicizing the agency.
The pushback from Republicans comes as Democrats continue to push their war on the US crypto industry. The party aims to bring the industry under their full control, and SEC Chair Gary Gensler is leading the charge.
While Republicans aim to pass crypto-friendly legislation before the end of June, the Democrats aim to continue regulating the US crypto market with the SEC as the leading regulator.