US Democrats plan to back SEC’s crypto authority–crypto community responds

sec regulation

Following the democratic party’s resolution to back SEC’s proposed digital asset regulation, the crypto community on Twitter has reacted strongly, with most expressing dissatisfaction with the party’s decision to gain supreme control over the future of American innovation.

The decision leaked to the public through Eleanor Terret’s revealing tweet sharing an internal memo among Democrat Committee members. While the note contained many ‘key messages,’ the main takeaway is the Democrat’s stand on SEC crypto authority and a call for the Republicans to echo the same sentiment.

What the memo reveals

According to the documents seen in Terret’s tweet, the Democrats reportedly accuse Republicans of trying to ‘tie the hands of the SEC,’ claiming that they plan to hinder the SEC’s plans of going against crypto criminals and protecting investors and customers from harm.

The memo also clarified that the Democrats plan to support applying existing laws to crypto companies.

“The problem isn’t ambiguity – it’s mass non-compliance with existing laws, and crypto companies can’t be let off the hook,” the statement said.

It also ‘exposes’ a plot by committee Republicans to pass pro-crypto legislation in June, touting that as a problem. According to the memo, Republicans ‘#1 priority’ must be “to join Democrats in passing a *clean* debt ceiling.”

Crypto enthusiasts react

The tweet attracted hundreds of comments and quote retweets, most of which are adverse reactions to the epic revelation. Prominent Twitter crypto community member Austin Campbell described the move as “incredibly dumb if true,” suggesting the lies will create a lot of ex-Democrats among young people.

CoinRoutes CEO Dave Weisberger described the policy as “sad, anti-innovation, and pro-banking,” in a Twitter response to the revelation. According to him, the U.S. will lose jobs and capital if the country goes through with stifling digital currency innovation.

While the Democratic Party hasn’t officially admitted or denied releasing the document, readers should note that the party has never been very receptive to the idea of a free cryptocurrency market. Whether or not they intend to follow up with the proposals in the released memo will surely impact the party’s outlook in the upcoming elections.


Author: Raji

Raji Ridwan is a tech blogger and freelance writer. He loves reading and drawing and plays football during his spare time.