The US Democratic Party has expressed its intention to endorse the full authority of the Securities and Exchange Commission (SEC) over cryptocurrencies in a memo distributed to committee members ahead of a hearing. The documents were shared on social media, prompting a reaction from members of the crypto community.
10th May, the documents were shared on Twitter, highlighting key messages for Democrats to support SEC authority over cryptocurrency regulation. This includes his argument that almost all digital assets constitute securities.
Some threatened to give their votes to other parties; others argued that there were many contradictions in the documents, and several members of the community took to Twitter to express their dissatisfaction with the anti-cryptocurrency move.
According to a member of the community, the memo shows where each party stands on the regulation of cryptocurrencies. According to the Twitter user, the Republican Party wants a clear framework, while the Democratic Party claims that the SEC has already clarified that almost all digital assets are securities.
Meanwhile, another member of the community express that he could no longer be part of the party. The community member argued that the Democratic Party is playing god with the “future of American innovation.” In addition, the Twitter user said that the party is making decisions about a technology that it does not understand.
Community member Austin Campbell also highlighted how foreign governments would be excited at the prospect of wresting the future of Fintech from the United States. Campbell tweeted:
This is incredibly dumb if true; if I was a foreign government I would be ecstatic at the prospect of taking the future of fintech and financial rails from the United States on this basis.
Going to create a lot of ex-Dems among young people too with these lies. https://t.co/y1BkSV1jDM
—Austin Campbell (@CampbellJAustin) May 10, 2023
This is incredibly silly if true; if I were a foreign government, I would be ecstatic at the prospect of taking the future of fintech and America’s financial rails on this basis.
You are going to create a lot of ex-Democrats among the youth as well with these lies.
On May 8, Coinbase visited the United Arab Emirates to determine its potential as a strategic hub for cryptocurrency exchange. At the Fintech Summit in Dubai, Coinbase CEO Brian Armstrong said that The United States is “a bit behind” in terms of regulatory clarity. The executive also shared that he met UAE Economy Minister Abdulla Bin Touq Al Marri during the visit.
At the same event, Crypto Oasis co-founder Saqr Ereiqat spoke about how the infrastructure of the UAE is more business-friendly than that of the United States. The executive argued that the regulatory framework in the US is “complex and fragmented”, while that of the UAE is more agile and highlighted the growing interest in the region.
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