Treasury and SEC Urged to Review Digital Asset Legislation
Representative Maxine Waters, who holds a prominent position in the House Financial Services Committee, recently extended an invitation to influential decision-makers at federal regulatory institutions to offer their viewpoints on an upcoming framework encompassing digital assets.
In the correspondences dispatched on the 23rd of June, Representative Waters approached Janet Yellen, the United States Secretary of the Treasury, and Gary Gensler, the head of the Securities and Exchange Commission (SEC), soliciting information on the potential ramifications of the “Digital Asset Market Structure” legislation. Introduced earlier in the month by lawmakers from the Republican Party, this proposal aims to design an all-encompassing set of rules for digital currencies, focusing on plugging the regulatory void between the SEC and the Commodity Futures Trading Commission (CFTC).
In her inquiry to Gensler, Representative Waters sought insights on the potential changes that could emerge in SEC's current role in safeguarding cryptocurrency investors if the legislation were to pass. As for Yellen, Waters' query took a broader approach, urging her to examine the possibility of any contradictions between the proposed legislative structure and the existing digital asset recommendations established by the Financial Stability Oversight Council in alignment with President Joe Biden's directives on cryptocurrency.
Rep. Waters set a deadline of June 30 for both Yellen and Gensler to respond and indicated that they should be prepared to address the committee if needed.
