US Watchdogs Oppose Crypto Bill, Cite Lack of Practical Use Cases

US Watchdogs Oppose Crypto Bill, Claiming Lack of Practical Use Cases

A coalition of US industry watchdogs has sent a letter to the House Financial Services Committee opposing a proposed draft bill on crypto market structure. The group, which includes Americans for Financial Reform and the Center for Responsible Lending, criticized the crypto industry for seeking favorable legislation without demonstrating practical use cases beyond speculation. They specifically raised concerns about a provision in the bill that would change the Securities and Exchange Commission's evaluation of regulatory rulemaking based on "innovation." The bill aims to establish a regulatory framework for the crypto industry, while the SEC has recently taken legal action against Coinbase and Binance. Other jurisdictions are actively attracting crypto businesses away from the US.