Crypto Enthusiasts React to Democrats’ Support of SEC’s Authority Over Digital Assets

The United States Democratic Party has released a memo expressing support for the Securities and Exchange Commission’s (SEC) complete authority over cryptocurrency. The memo was circulated among committee members before a hearing, and key messages highlighted the party’s support for the SEC’s power in regulating crypto, including its argument that nearly all digital assets are securities. However, the crypto community expressed disappointment and opposition to this stance on social media, with some even threatening to vote for other parties. Some Twitter users upheld the memorandum as a clear indicator of where each party stands on crypto regulation. Specifically, one user stated that the Republican Party desires a clear framework, while the Democratic Party believes that the SEC has already classified digital assets as securities. In response, some community members expressed their intention to leave the party, arguing that it is influencing the future of American innovation but without a deep understanding of the technology. They also expressed concerns that foreign governments would take the lead in fintech development if the U.S. fails to become more accommodating. In related news, Coinbase visited the UAE to test its potential as a strategic hub for the exchange. During the Dubai Fintech Summit, Coinbase CEO Brian Armstrong expressed that regulatory clarity in the U.S. is lacking, and Ethereum co-founder Saqr Ereiqat spoke about how the UAE’s infrastructure is more business-friendly than the United States.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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