Securities and Exchange Commission (SEC) Chair Gary Gensler and Treasury Department Secretary Janet Yellen have been asked to provide analysis on a Republican-led digital asset market structure bill. The bill, known as the Digital Asset Market Structure Discussion Draft, aims to create a pathway for digital tokens to transition from being treated as securities to commodities. House Financial Services Committee leading Democrat Maxine Waters sent letters to Gensler and Yellen, requesting their thoughts on the legislation and how it would impact the SEC’s current authorities. Waters also expressed concerns about consumer protections in the bill. Gensler has stated that existing rules already regulate cryptocurrencies and that new legislation is unnecessary, while Yellen has called for additional crypto regulation. There are divisions among both Republicans and Democrats in the committee regarding the bill, with Waters arguing that it could hinder SEC enforcement actions against fraudulent crypto firms. House Financial Services Committee Chair Patrick McHenry plans to hold a committee session to vote on the legislation in July.
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