Political battles over digital assets in the US are intensifying as Democrats oppose Republican bills concerning cryptocurrency.
Democrats Oppose Crypto Bills
Members of the Democratic Party, including Maxine Waters and Stephen Lynch, are opposing three bills proposed by Republicans which they believe pose risks to consumers. Waters stated that the bills lack essential consumer protections and national security measures.
Criticism of Bills Due to Trump Ties
Among the contested measures is the GENIUS Act. Lynch criticized Republicans for their approach to digital asset regulation, noting that the bills serve the interests of the industry while disregarding potential vulnerabilities associated with cryptocurrencies. These debates are also linked to Trump’s business ventures, which have drawn lawmakers' attention due to its stablecoin USD1.
Support for Crypto Market Structure Bill
Following the planned crypto week in the House, attention is shifting to the Senate, where a crypto market structure bill is expected to be introduced. The proposal aims to clarify the roles of the SEC and the CFTC in regulating digital assets, with suggestions leaning towards granting greater authority to the CFTC.
The intensifying discussions around crypto legislation in Congress highlight the growing political divide on digital asset regulation, which could have serious implications for the future of the industry.
