: Pro-crypto bill gets chilly Senate reception from Democrats who say digital currency benefits ‘money launderers and the criminal syndicates’

by | Jul 24, 2023 | Stock Market

The crypto industry is on a winning streak in Washington, but it may not last long. Following a surprise victory in a major court case against the Securities and Exchange Commission earlier this month that could significantly curtail the SEC’s power to regulate cryptocurrencies, the House Financial Services committee looks set to pass two bills this week largely supported by the industry that would bring regulatory clarity to the space.

Read more: A ‘wild outcome’: How the Ripple decision scrambles the battle between SEC and crypto industry But despite optimism that the SEC’s partial loss in its enforcement case against Ripple
would generate broad bipartisan support for new crypto rules, there’s little evidence so far that this is happening. Democrats and Republicans have been “working together” to revise a market structure bill under debate, “but those conversations aren’t moving in a positive direction,” wrote Isaac Boltansky, director of policy research at BTIG wrote in a Sunday note to clients, adding that he is “bearish” on crypto market structure legislation becoming law this year. Republicans in the House appear intent on passing a new law — supported by Financial Services Committee Chairman Patrick McHenry of North Carolina and Agriculture Committee Chairman Glenn Thompson of Pennsylvania — that would expand the role played by the Commodity Futures Trading Commission in overseeing digital assets at the expense of the SEC, a key industry demand. There are a few Democrats in the House who appear eager to support the McHenry-Thompson bill, but little evidence that party leadership is getting behind the effort and plenty to suggest that it will have trouble getting support in Democratic Senate. Sen. Sherrod Brown of Ohio, the Democratic leader of the Senate Banking Committee told Politico Monday that his first priority on crypto is doing “whatever it takes to crack down on the money launderers and the criminal syndicates that are using crypto.” The House bill would ne …

Article Attribution | Read More at Article Source

Share This