• Democrats are looking to instill new rules that would make it hard to attain and keep cryptocurrency.
• A leaked memo was sent to House financial services committee members revealing this plan.
• Republicans are trying to protect consumers and investors by providing clarity on crypto regulations.
Democrats Trying to Kill the Crypto Industry
A new memo shows that democrats really hate cryptocurrency and are seeking to ensure all digital currencies, in the future, are classified as securities. This would subject them to taxation rules that could make it difficult for people and companies to attain and keep these assets.
Republicans Looking for Clarity
The memo also outlines an attempt from the republican party to provide clarity in crypto regulations, something the democrats appear to be blocking. Republicans believe this will protect both consumers and investors, while Democrats argue that companies need to follow clear rules of the road or face consequences.
Democratic Hostility Toward Crypto Companies
Joe Biden’s administration has been hostile toward crypto companies since they took office two years ago, with SEC head Gary Gensler working hard against them. Companies like Kraken and Coinbase have already been impacted by these efforts.
Republican Protection Efforts
In response, Republicans are attempting carve out space for the Commodity Futures Trading Commission (CFTC) in crypto, so as to provide protection for consumers and investors alike.
It appears that Democrats may be successful in their mission of making it difficult for people and companies alike to obtain or hold cryptocurrencies if their plans come into effect