Democrats Slam Republicans’ Crypto And Wall Street Bill As ‘Handout’

U.S. lawmakers are arguing over a recently introduced crypto bill as Democrats in the House of Representatives claim Republicans are focusing on less significant subjects.

The Financial Innovation and Technology for the 21st Century Act was introduced last week by Representatives French Hill, Dusty Johnson, and Glenn Thompson, chair of the House Committee on Agriculture.

According to Congressman Thompson, the ruling aims to give the cryptocurrency markets a “much-needed regulatory framework” that can defend investors and strengthen America’s position in the emerging sector.

Suggests Thompson

“Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation.”

Democrats, however, claim that the proposed lawmaking diverts funds from problems that the House Agriculture Committee should give top priority. Democrats on the committee argue that putting Wall Street businesses ahead of American consumers when working on the cryptocurrency bill.

According to the news release, “Instead of focusing on pressing Farm Bill issues, House Republicans are sprinting to provide a handout to crypto exchanges, Wall Street, and Silicon Valley venture capitalists at the expense of American consumers and retail investors.”

Representatives Hill and Johnson emphasized the need for extensive crypto regulations in a letter to SEC Chair Gary Gensler last week. They assert that it would be a more effective strategy than enforcing laws to control cryptocurrency companies.