US industry watchdogs oppose draft bill on crypto market structure
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An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee.
In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending,
In June 2023, the SEC launched individual legal actions against two prominent crypto exchanges, Coinbase and Binance, both known for their substantial trading volumes. Surprisingly, traders swiftly brushed off the news, with minimal impact on crypto market prices.
In opposition to widespread demand, the watchdogs asserted that Congress should back the ongoing enforcement actions of the SEC as a means to “safeguard consumers.“ Conversely, various jurisdictions in Europe and Asia are actively striving to accommodate crypto businesses relocating away from the United States.
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