On June 4, Decrypt reported that the Democratic staff of the U.S. House of Representatives on Tuesday accused the SEC (Securities and Exchange Commission) of refusing to provide it with a key technical analysis of the CLARITY Act crypto bill in a political operation, while at the same time providing relevant information to the Republican Party. The bill will create a regulatory framework for the U.S. crypto industry and rewrite parts of securities laws. Democrats are concerned that the bill could extend beyond the crypto space, have a significant impact on traditional securities markets, and could create technology-based regulatory loopholes. Maxine Waters, a ranking member of the House Financial Services Committee, plans to send a letter to SEC Chair Paul Atkins asking for a bipartisan written analysis. The bill will be flagged in the committee on June 10, and the SEC’s non-cooperative attitude could affect the support of some pro-crypto Democratic lawmakers for the bill.
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