US lawmaker seeks information from Treasury and SEC on crypto market structure bill

California Representative Maxine Waters, ranking member of the United States House Financial Services Committee, has called on the leadership of federal regulatory agencies to consider the proposed framework for digital assets.

In separate letters dated 23 June, Waters requested Treasury Secretary Janet Yellen and Securities and Exchange Commission (SEC) Chairman Gary Gensler provide insight into the potential impact of the “Digital Asset Market Structure” bill. The legislation, proposed by Republican lawmakers on June 1, aims to establish a comprehensive framework over digital assets in the US by addressing regulatory gaps between the SEC and the Commodity Futures Trading Commission.

#release: ranking member @RepMaxineWaters calls on @U.S. Treasury, @SECGov Republicans to Share Analysis on Digital Assets Market Structure Bill | pic.twitter.com/qbPNMSRl5v

– US House Committee on Financial Services (@FSCDems) 26 June 2023

According to the letters, Waters Asked Gensler discussed how the proposed framework, if enacted, could impact the SEC’s existing authority in protecting crypto investors. He requested a similar response from Yellen, but added that the Treasury Secretary should resolve any potential conflicts with existing recommendations on digital assets from the Financial Stability Oversight Council in accordance with US President Joe Biden’s executive order on crypto. .

Connected: US lawmakers follow SEC lawsuits to consider crypto regulatory framework

The debate over how policymakers should handle digital assets continues amid lawsuits between regulators and private companies in the US and criminal cases for those allegedly involved in fraud. Former FTX CEO Sam Bankman-Fried is expected to face 13 criminal charges unevenly divided over two trials starting in December 2023 and March 2024. Crypto exchanges Binance and Coinbase are also facing civil lawsuits from the SEC regarding alleged unregistered securities offerings.

Waters gave Yellen and Gensler a June 30 deadline to respond, and said they should both be prepared to address the committee if necessary.

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