COIN - Top House Democrats Will Not Rally Party Against Crypto Bill Despite Opposition | Benzinga
House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and House Agriculture Committee Ranking Member David Scott (D-Ga.) have expressed their strong opposition to a bill creating a definition for whether a digital asset is a security or a commodity.
What Happened: Quoting an email to Democratic members of the House of Representatives, Politico reported that while the members oppose H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), they are not actively rallying their members to vote against it.
Waters and Scott argue that the bill undermines long-standing legal precedents and injects uncertainty into the traditional securities market.
“This language undermines decades of legal precedent and case law, thereby creating uncertainty in our traditional securities market,” they wrote in an email obtained by Politico.
The bill proposes a safe harbor provision where entities can file an “intent to register” if they meet specific requirements, effectively shielding them from existing securities laws and regulations ...