Crypto Market News: A group of US-based industry watchdogs have come together to oppose a bill proposed by the US House Financial Services Committee on crypto market structure. The comprehensive digital assets bill was intended to introduce a regulatory framework in the US that includes clear rules and guidelines for the crypto industry. Formerly CoinGape reported that committee chairman Patrick McHenry planned to hold a committee vote in July 2023. The bill focuses on the role of the US Securities and Exchange Commission (SEC) in monitoring the regulatory framework .
Also read: US CPI inflation cools to 3%; Bitcoin, Ethereum Price-In For Rally, US Dollar Falls
In June 2023, the SEC launched separate lawsuits against two of the largest cryptocurrency exchanges by trading volume, Coinbase and Binance. Despite this, traders digested the news quickly and the Bitcoin price fell very little.
21 Watchdogs Oppose Crypto Bill
In a comprehensive letter to the US House Committee on Financial Services, organizations including Americans for Financial Reform and the Center for Responsible Lending alleged that crypto industry stakeholders lobbied for the Committee's draft proposal, the bill, 'Draft Discussion of Market Structure of Digital Assets'. Watchdogs wrote that the crypto industry did not show any viable use cases beyond speculative investment. More interestingly, they accused the crypto market of lobbying for laws favorable to shadow crypto innovation.
"Perhaps the most damaging aspect of this bill is that it would change the way the SEC evaluates all regulatory rules for all securities markets by requiring the agency to evaluate new rules using "innovation" as a criterion."
Contrary to popular demand, watchdogs said Congress should, in fact, support the SEC's ongoing enforcement actions to "protect consumers." On the other hand, several jurisdictions in Europe and Asia are moving forward to accommodate crypto companies moving out of the US.
Also read: Classic Terra Luna Validator to Burn Billions of LUNC Tokens, Price to Rise?
