Multiple sources have told The Block that the SEC is not providing the assistance requested on a major congressional effort to overhaul crypto markets in the U.S.
But people familiar with the bill and its drafting, who asked for anonymity to speak freely on the topic, told The Block the SEC has yet to provide substantive technical feedback requested for the highly complex bill, which may hinder efforts to attract Democrats to supporting the legislation, key if it is to have a chance of becoming law this Congress.
The staffer added that congressional staff drafting the legislation had received more from the CFTC. But the staffer also gave some benefit of the doubt to the SEC, saying they weren’t sure that the SEC was deliberately dragging its feet.Rewriting any portion of securities law is inherently complicated, even before accounting for the eccentricities of cryptocurrencies and digital assets.
Another complicating factor: technical assistance could be brought into lawsuits, as documents related to a 2018 speech on ether by former SEC official Bill Hinman were in the agency's case against Ripple Labs, or obtained and published via Freedom of Information Act requests, as industry groups have attempted.
The SEC has, “given technical assistance to both majority and minority, both orally and written technical assistance,” said the source. The lobbyist tracking the effort saw a delay in introducing the bill this week, as staff and lawmakers work behind the scenes to accommodate concerns from Democrats, as a positive step to at least part of the House effort becoming law. But at the same time the lobbyist cast doubt that the market structure bill of would get there, which could endanger Republican support for passing a stablecoins bill, as the hope by House Republicans is to move the two together.
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