Democratic members of the U.S. Financial Services Committee advocate for the SEC as the primary regulatory body for cryptocurrencies

According to ChainCatcher, as reported by Blockworks, after the U.S. House of Representatives cryptocurrency hearing adjourned, a leaked internal memo circulated among House Financial Services Committee Democrats, showing that Democratic lawmakers advocate for the U.S. Securities and Exchange Commission (SEC) as the primary regulatory body for cryptocurrency.

Ron Hammond, the Blockchain Association's Director of Government Relations, stated, "This is not the entire Democratic Party's position, just the main members of the Democrats on the committee." Most Republicans, along with some Democrats, support allowing the CFTC to temporarily regulate the cryptocurrency spot market, including Bitcoin and ETH. Republicans also support having Congress involved in defining crypto securities and commodities, while most Democrats support the stance that "most tokens are securities." Currently, committee Republicans have not formally submitted a stablecoin bill proposal. (Source link)