{"id":5454,"date":"2023-07-12T18:46:20","date_gmt":"2023-07-12T18:46:20","guid":{"rendered":"https:\/\/predictmag.com\/blog\/?p=5454"},"modified":"2023-07-12T18:46:20","modified_gmt":"2023-07-12T18:46:20","slug":"21-us-watchdogs-challenge-cryptocurrency-legislation","status":"publish","type":"post","link":"https:\/\/predictmag.com\/blog\/2023\/07\/12\/21-us-watchdogs-challenge-cryptocurrency-legislation\/","title":{"rendered":"21 US Watchdogs Challenge Cryptocurrency Legislation"},"content":{"rendered":"

The US watchdogs criticised the draft legislation on the crypto market structure that was offered by the US House Financial Services Committee<\/strong><\/em>.<\/p>\n

The US House Financial Services Committee’s proposed draft bill on the structure of the cryptocurrency market drew a group of industry watchdogs in the country to voice their opposition. The purpose of the comprehensive digital asset law was to establish a legal framework in the US for the cryptocurrency business, complete with explicit regulations.<\/p>\n

Patrick McHenry, the committee chair, had already announced his intention to convene a committee vote in July 2023, according to reports. The Securities and Exchange Commission’s (SEC) responsibility for regulating framework oversight is at the heart of the draft legislation.<\/p>\n

Two of the biggest cryptocurrency exchanges by trading volume, Coinbase and Binance<\/a>, were the targets of separate lawsuits filed by the SEC in June 2023. Despite this, traders immediately assimilated the news, and the price of Bitcoin only slightly decreased.<\/p>\n

\"21<\/p>\n

The Claims of the 21 US Watchdogs<\/strong><\/p>\n

The watchdogs claimed that the cryptocurrency market had not demonstrated any practical applications beyond speculative investing. More intriguingly, they said that the cryptocurrency industry lobbied for advantageous regulations in the background of crypto innovation.<\/p>\n

Organizations such as Americans for Financial Reform and the Center for Responsible Lending claimed that the stakeholders in the cryptocurrency firm lobbied in favor of the Committee’s draft proposal, the bill known as the “Digital Asset Market Structure Discussion Draft,” in a thorough letter to the US House Committee on Financial Services.<\/p>\n

The watchdogs also claimed that, in contrast to popular belief, Congress should actually support the SEC’s continued enforcement measures to “protect consumers.” On the other hand, a number of jurisdictions in Asia and Europe are moving ahead to make room for the crypto enterprises that are expanding outside of the US.<\/p>\n

Get free access to our lifetime VIP membership. Join us here<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The US watchdogs criticised the draft legislation on the crypto market structure that was offered by the US House Financial Services Committee. The US House Financial Services Committee’s proposed draft bill on the structure of the cryptocurrency market drew a group of industry watchdogs in the country to voice their opposition. 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