Gensler and Yellen Called to Discuss Digital Asset Bill
Securities and Exchange Commission Chair Gary Gensler and Treasury Department Secretary Janet Yellen have been requested to provide analysis on a Republican-led digital asset market structure bill set for a committee vote in the coming weeks. House Financial Services Committee leading Democrat Maxine Waters sent letters to the pair, urging them to share their thoughts on the Digital Asset Market Structure Discussion Draft.
Pathway to Commodity Status
The draft bill was proposed earlier this month by House Financial Services Committee Chair Patrick McHenry and House Agriculture Committee Chair Glenn ‘G.T.’ Thompson. Waters also asked both Yellen and Gensler to brief House Financial Services Committee Members on their views and recommendations following their written responses.
Concern from Democrats
There have been some divides on the bill within the House Financial Services committee. Waters argued at a hearing this month that the bill could hinder SEC efforts, saying it could reward bad actors with a ‘get out jail free’ card and allow them to continue harming consumers and investors. McHenry plans to hold a committee session to vote on the legislation in the second week of July.