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Golden Finance reported that the U.S. Congress held its first hearing on digital asset legislation on Wednesday, trying to establish clear jurisdiction for the country’s major market regulators. At the hearing, Patrick McHenry, chairman of the U.S. House of Representatives Financial Services Committee, said the bill, titled the Financial Innovation and Technology for the 21st Century Act, would clarify how the Supreme Court's Howey test applies to digital assets, focusing on issues related to "decentralization." ” and “functionality”. Specifically, the bill describes how digital assets can be offered as part of a security contract without being securities themselves.
The decision to amend the decades-old investor protection law to accommodate cryptocurrencies has been criticized by Rep. Maxine Waters (D-CA), who called the bill a “wish list” for the industry. We don’t need to invent new regulatory structures just because cryptocurrency companies refuse to obey the traffic rules. The bill defies the views of the Biden administration and the Securities and Exchange Commission (SEC). Additionally, the bill would create loopholes for traditional financial institutions to bypass existing requirements.
Rep. Brad Sherman (D-CA) said public companies could abuse the act by reissuing their securities as blockchain tokens, allowing them to be subject to the Commodity and Futures Trading Commission (CFTC) instead of the SEC. (SEC) regulation.